400.3-118. Statute of limitations.
Statute of limitations.
400.3-118. (a) Except as provided in subsection (e), an action toenforce the obligation of a party to pay a note payable at a definite timemust be commenced within ten years after the due date or dates stated inthe note or, if a due date is accelerated, within ten years after theaccelerated due date, and the statutes of limitation in chapter 516, RSMo,shall not apply to this section.
(b) Except as provided in subsection (d) or (e), if demand forpayment is made to the maker of a note payable on demand, an action toenforce the obligation of a party to pay the note must be commenced withinten 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 intereston the note has been paid for a continuous period of 10 years.
(c) Except as provided in subsection (d), an action to enforce theobligation of a party to an unaccepted draft to pay the draft must becommenced within three years after dishonor of the draft or 10 years afterthe date of the draft, whichever period expires first.
(d) An action to enforce the obligation of the acceptor of acertified check or the issuer of a teller's check, cashier's check, ortraveler's check must be commenced within three years after demand forpayment is made to the acceptor or issuer, as the case may be.
(e) An action to enforce the obligation of a party to a certificateof deposit to pay the instrument must be commenced within six years afterdemand for payment is made to the maker, but if the instrument states a duedate and the maker is not required to pay before that date, the six-yearperiod begins when a demand for payment is in effect and the due date haspassed.
(f) An action to enforce the obligation of a party to pay an accepteddraft, other than a certified check, must be commenced (i) within six yearsafter the due date or dates stated in the draft or acceptance if theobligation of the acceptor is payable at a definite time, or (ii) withinsix years after the date of the acceptance if the obligation of theacceptor is payable on demand.
(g) Unless governed by other law regarding claims for indemnity orcontribution, an action (i) for conversion of an instrument, for money hadand received, or like action based on conversion, (ii) for breach ofwarranty, or (iii) to enforce an obligation, duty, or right arising underthis Article and not governed by this section must be commenced withinthree years after the cause of action accrues.
(L. 1992 S.B. 448, A.L. 1997 H.B. 257)*No continuity with § 400.3-118 as repealed by L. 1992 S.B. 448.