2006 Minnesota Statutes

336.3-118 MS 1990 [Repealed, 1992 c 565 s 114]
336.3-118 STATUTE OF LIMITATIONS.
(a) Except as provided in subsection (e), an action to enforce the obligation of a party to pay
a note payable at a definite time must be commenced within six years after the due date or dates
stated in the note or, if a due date is accelerated, within six years after the accelerated due date.
(b) Except as provided in subsection (d) or (e), 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 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 years.
(c) Except as provided in subsection (d), an action to enforce the obligation of a party to an
unaccepted draft to pay the draft must be commenced within three years after dishonor of the
draft or ten 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 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 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 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
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 years after
the cause of action accrues.
History: 1992 c 565 s 20