§ 6A-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 years after the due date or dates stated in the note or, if a due date is accelerated, within six 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 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 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 years after dishonor of the draft or 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 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 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-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 six 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 six 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 conversion of an instrument, for money had and received, or like action based on conversion, (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.
History of Section.P.L. 2000, ch. 238, § 3; P.L. 2000, ch. 421, § 3.
Structure Rhode Island General Laws
Title 6A - Uniform Commercial Code
Chapter 6A-3 - Negotiable Instruments
Part 1 - General Provisions and Definitions
Section 6A-3-101. - Short title.
Section 6A-3-102. - Subject matter.
Section 6A-3-103. - Definitions.
Section 6A-3-104. - Negotiable instrument.
Section 6A-3-105. - Issue of instrument.
Section 6A-3-106. - Unconditional promise or order.
Section 6A-3-107. - Instrument payable in foreign money.
Section 6A-3-108. - Payable on demand or at definite time.
Section 6A-3-109. - Payable to bearer or to order.
Section 6A-3-110. - Identification of person to whom instrument is payable.
Section 6A-3-111. - Place of payment.
Section 6A-3-113. - Date of instrument.
Section 6A-3-114. - Contradictory terms of instrument.
Section 6A-3-115. - Incomplete instrument.
Section 6A-3-116. - Joint and several liability — Contribution.
Section 6A-3-117. - Other agreements affecting instrument.