Statute · New York Uniform Commercial Code
N.Y. U.C.C. Law § 3-122 — Accrual of Cause of Action
N.Y. U.C.C. Law § 3-122
- Type
- Statute
- Source
- New York Uniform Commercial Code
- Jurisdiction
- New York
- Current through
- Nov 5, 2026 (NY Senate Open Legislation)
Section 3--122. Accrual of Cause of Action.
Citator
N.Y. U.C.C. Law § 3-122 — Accrual of Cause of Action is in force in the current edition of the Code, and nothing recorded condemns it.
Section 3--122. Accrual of Cause of Action.
(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.