§ 4-3-118 — Statute of limitations

Colorado § 4-3-118

• Jurisdiction: Colorado
• Title 04: Uniform
• Art.: Negotiable Instruments

Text

(a) Except as provided in subsection (e) of
this section, an action to enforce the obligation of a party to pay a note payable at a
definite time must be commenced within six years after the due date or dates
stated in the note or, if a due date is accelerated, within six years after the
accelerated due date.

(b) Except as provided in subsection (d) or (e) of this section, if demand for
payment is made to the maker of a note payable on demand, an action to enforce
the obligation of a party to pay the note must be commenced within six years after
the demand. If no demand for payment is made to the maker, an action to enforce
the note is barred if neither principal nor interest on the note has been paid for a
continuous period of ten years.

(c) Except as provided in subsection (d) of this section, an action to enforce
the obligation of a party to an unaccepted draft to pay the draft must be
commenced within three years after dishonor of the draft or ten years after the
date of the draft, whichever period expires first.

(d) An action to enforce the obligation of the acceptor of a certified check or
the issuer of a teller's check, cashier's check, or traveler's check must be
commenced within three years after demand for payment is made to the acceptor
or issuer, as the case may be.

(e) An action to enforce the obligation of a party to a certificate of deposit to
pay the instrument must be commenced within six years after demand for payment
is made to the maker, but if the instrument states a due date and the maker is not
required to pay before that date, the six-year period begins when a demand for
payment is in effect and the due date has passed.

(f) An action to enforce the obligation of a party to pay an accepted draft,
other than a certified check, must be commenced (i) within six years after the due
date or dates stated in the draft or acceptance if the obligation of the acceptor is
payable at a definite time, or (ii) within six years after the date of the acceptance if
the obligation of the acceptor is payable on demand.

(g) Unless governed by other law regarding claims for indemnity or
contribution, an action (i) for conversion of an instrument, for money had and
received, or like action based on conversion, (ii) for breach of warranty, or (iii) to
enforce an obligation, duty, or right arising under this article and not governed by
this section must be commenced within three years after the cause of action accrues.

Legislative History

Source: L. 94: Entire article R&RE, p. 848, � 1, effective January 1, 1995.