Kentucky Statutes 355.3-118 – Statute of limitations
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(1) Except as provided in subsection (5) 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.
(2) Except as provided in subsection (4) or (5) 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.
(3) Except as provided in subsection (4) 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.
(4) 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.
(5) 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 (6) year period begins when a demand for payment is in effect and the due date has passed.
(6) An action to enforce the obligation of a party to pay an accepted draft, other than a certified check, must be commenced:
(a) 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
(b) Within six (6) years after the date of the acceptance if the obligation of the acceptor is payable on demand.
(7) Unless governed by other law regarding claims for indemnity or contribution, an action:
(a) For conversion of an instrument, for money had and received, or like action based on conversion;
(b) For breach of warranty; or
(c) 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.
Effective: January 1, 1997
History: Repealed and reenacted 1996 Ky. Acts ch. 130, sec. 18, effective January 1,
1997. — Created 1958 Ky. Acts ch. 77, sec. 3-118, effective July 1, 1960.
(2) Except as provided in subsection (4) or (5) 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.
Terms Used In Kentucky Statutes 355.3-118
- Action: includes all proceedings in any court of this state. See Kentucky Statutes 446.010
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Year: means calendar year. See Kentucky Statutes 446.010
(3) Except as provided in subsection (4) 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.
(4) 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.
(5) 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 (6) year period begins when a demand for payment is in effect and the due date has passed.
(6) An action to enforce the obligation of a party to pay an accepted draft, other than a certified check, must be commenced:
(a) 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
(b) Within six (6) years after the date of the acceptance if the obligation of the acceptor is payable on demand.
(7) Unless governed by other law regarding claims for indemnity or contribution, an action:
(a) For conversion of an instrument, for money had and received, or like action based on conversion;
(b) For breach of warranty; or
(c) 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.
Effective: January 1, 1997
History: Repealed and reenacted 1996 Ky. Acts ch. 130, sec. 18, effective January 1,
1997. — Created 1958 Ky. Acts ch. 77, sec. 3-118, effective July 1, 1960.