N.Y. Uniform Commercial Code Law Section 3-122
Accrual of Cause of Action


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.

Source: Section 3-122 — Accrual of Cause of Action, https://www.­nysenate.­gov/legislation/laws/UCC/3-122 (updated Sep. 22, 2014; accessed Oct. 26, 2024).

Accessed:
Oct. 26, 2024

Last modified:
Sep. 22, 2014

§ 3-122’s source at nysenate​.gov

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