KRS 355.3-118: Statute of limitations.

(1) Except as provided in subsection (5) of this section, an action to enforce the

obligation of a party to pay a note payable at a definite time must be commenced

within six (6) years after the due date or dates stated in the note or, if a due date is

accelerated, within six (6) years after the accelerated due date.

(2) Except as provided in subsection (4) or (5) of this section, 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 (6) 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 (10) years.

(3) Except as provided in subsection (4) of this section, an action to enforce the

obligation of a party to an unaccepted draft to pay the draft must be commenced

within three (3) years after dishonor of the draft or ten (10) years after the date of

the draft, whichever period expires first.

(4) 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 (3) years after demand for payment is made to the acceptor or issuer, as the

case may be.

(5) An action to enforce the obligation of a party to a certificate of deposit to pay the

instrument must be commenced within six (6) years after demand for payment is

made to the maker, but if the instrument st ates a due date and the maker is not

required to pay before that date, the six (6) year period begins when a demand for

payment is in effect and the due date has passed.

(6) An action to enforce the obligation of a party to pay an accepted draft, other tha n a

certified check, must be commenced:

(a) Within six (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

(b) Within six (6) years after the date of the acceptance if the obligation of the

acceptor is payable on demand.

(7) Unless governed by other law regarding claims for indemnity or contribution, an

action:

(a) For conversion of an instrument, for money had and received, or like action

based on conversion;

(b) For breach of warranty; or

(c) To enforce an obligation, duty, or right arising under this article and not

governed by this section

must be commenced within three (3) years after the claim for relief accrues.