§ 34.1-3-118 — Statute of limitations

(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 this article and not
governed by this section must be commenced within three (3)
years after the cause of action accrues.