§ 34.1-3-304 — Overdue instrument

(a) An instrument payable on demand becomes overdue at the
earliest of the following times:
(i) On the day after the day demand for payment is
duly made;
(ii) If the instrument is a check, ninety (90) days
after its date; or
(iii) If the instrument is not a check, when the
instrument has been outstanding for a period of time after its
date which is unreasonably long under the circumstances of the
particular case in light of the nature of the instrument and
usage of the trade.
(b) With respect to an instrument payable at a definite
time the following rules apply:
(i) If the principal is payable in installments and a
due date has not been accelerated, the instrument becomes
overdue upon default under the instrument for nonpayment of an
installment, and the instrument remains overdue until the
default is cured;
(ii) If the principal is not payable in installments
and the due date has not been accelerated, the instrument
becomes overdue on the day after the due date;
(iii) If a due date with respect to principal has
been accelerated, the instrument becomes overdue on the day
after the accelerated due date.
(c) Unless the due date of principal has been accelerated,
an instrument does not become overdue if there is default in
payment of interest but no default in payment of principal.