§ 10:3-118 — Prescription

Louisiana § 10:3-118

• Jurisdiction: Louisiana
• Title 10: Commercial Laws

Text

§3-118. Prescription
(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 five
years after the due date or dates stated in the note or, if a due date is accelerated,
within five 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 five 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 five 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
years after dishonor of the draft or five 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 five 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 five-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 five 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 five 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 money had and received, (ii) for breach of warranty, or
(iii) to enforce an obligation, duty, or right arising under this Chapter and not
governed by this Section must be commenced within three years after the cause of
action accrues.

Legislative History

Acts 1992, No. 1133, §3, eff. July 1, 1993. Amended by Acts 1993, No. 948, §3, eff. Jan. 1, 1994.