2006 New York Code - Accrual Of Cause Of Action

 
  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.