§12A-3-118.

§12A-3-118.
   
                           STATUTE OF LIMITATIONS
                                      
   (a) Except as provided in subsection (e) of this section, an action to
   enforce the obligation of a party to pay a note payable at a definite
   time must be commenced within six (6) years after the due date or
   dates stated in the note or, if a due date is accelerated, within six
   (6) years after the accelerated due date.
   
   (b) Except as provided in subsection (d) or (e) of this section, 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 (6) 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 ten (10) years.
   
   (c) Except as provided in subsection (d) of this section, an action to
   enforce the obligation of a party to an unaccepted draft to pay the
   draft must be commenced within three (3) years after dishonor of the
   draft or ten (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 (3) 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 (6) 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
   (6) 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 (6) 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 article and not governed by this section must be commenced
   within three (3) years after the claim for relief accrues.