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.