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(810 ILCS 5/3-118) (from Ch. 26, par. 3-118)
Sec. 3-118.
Statute of limitations.
(a) (Blank).
(b) (Blank).
(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 3 years after dishonor of the draft or 10 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 3 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 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 6-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 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 (ii) within 6 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 3
years after the cause of action accrues.
(Source: P.A. 90-451, eff. 1-1-98.)
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