Legislation

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.