§ 26-1-3.1-118 — Statute of limitations

Indiana § 26-1-3.1-118

• Jurisdiction: Indiana
• Title 26: COMMERCIAL LAW
• Art. 1: UNIFORM COMMERCIAL CODE
• Ch. 3.1: Negotiable Instruments

Text

(a) Except as provided in subsection (e),
an action to enforce the obligation of a party to pay a note payable at a
definite time must be commenced within six (6) years after the due date
or dates stated in the note or, if a due date is accelerated, within six (6)
years after the accelerated due date.
(b) Except as provided in subsection (d) or (e), 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 (6) 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 (10) years.
(c) Except as provided in subsection (d), an action to enforce the
obligation of a party to an unaccepted draft to pay the draft must be
commenced within three (3) years after dishonor of the draft or ten (10)
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 (3) 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 (6) 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 (6) 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:
(1) within six (6) 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
(2) within six (6) 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:
(1) for conversion of an instrument, for money had and received,
or like action based on conversion;
(2) for breach of warranty; or
(3) to enforce an obligation, duty, or right arising under IC 26-1-3.1;
and not governed by this section must be commenced within three (3)
years after the cause of action accrues.

Legislative History

As added by P.L.222-1993, SEC.5.