(1) A cause of action against a maker or an acceptor accrues
(a) in the case of a time instrument on the day after maturity;
(b) in the case of a demand instrument upon its date or, if no
date is stated, on the date of issue.
(2) A cause of action against the obligor of a demand or time
certificate of deposit accrues upon demand, but demand on a time
certificate may not be made until on or after the date of maturity.
(3) A cause of action against a drawer of a draft or an indorser of
any instrument accrues upon demand following dishonor of the instrument.
Notice of dishonor is a demand.
(4) Unless an instrument provides otherwise, interest runs at the rate
provided by law for a judgment
(a) in the case of a maker, acceptor or other primary obligor of
a demand instrument, from the date of demand;
(b) in all other cases from the date of accrual of the cause of
action.
Structure New York Laws
Part 1 - Short Title, Form and Interpretation
3-102 - Definitions and Index of Definitions.
3-103 - Limitations on Scope of Article.
3-104 - Form of Negotiable Instruments; "Draft"; "Check"; "Certificate of Deposit"; "Note".
3-105 - When Promise or Order Unconditional.
3-112 - Terms and Omissions Not Affecting Negotiability.
3-114 - Date, Antedating, Postdating.
3-115 - Incomplete Instruments.
3-116 - Instruments Payable to Two or More Persons.
3-117 - Instruments Payable With Words of Description.
3-118 - Ambiguous Terms and Rules of Construction.
3-119 - Other Writings Affecting Instrument.
3-120 - Instruments "Payable Through" Bank.