Maine Revised Statutes

§3-1304. Overdue instrument

(1).    An instrument payable on demand becomes overdue at the earliest of the following times:
(a). On the day after the day demand for payment is duly made; [1993, c. 293, Pt. A, §2 (NEW).]
(b). If the instrument is a check, 90 days after its date; or [1993, c. 293, Pt. A, §2 (NEW).]
(c). If the instrument is not a check, when the instrument has been outstanding for a period of time after its date that is unreasonably long under the circumstances of the particular case in light of the nature of the instrument and usage of the trade. [1993, c. 293, Pt. A, §2 (NEW).]
[ 1993, c. 293, Pt. A, §2 (NEW) .]
(2).    With respect to an instrument payable at a definite time the following rules apply:
(a). If the principal is payable in installments and a due date has not been accelerated, the instrument becomes overdue upon default under the instrument for nonpayment of an installment, and the instrument remains overdue until the default is cured. [1993, c. 293, Pt. A, §2 (NEW).]
(b). If the principal is not payable in installments and the due date has not been accelerated, the instrument becomes overdue on the day after the due date. [1993, c. 293, Pt. A, §2 (NEW).]
(c). If a due date with respect to principal has been accelerated, the instrument becomes overdue on the day after the accelerated due date. [1993, c. 293, Pt. A, §2 (NEW).]
[ 1993, c. 293, Pt. A, §2 (NEW) .]
(3).    Unless the due date of principal has been accelerated, an instrument does not become overdue if there is default in payment of interest but no default in payment of principal.
[ 1993, c. 293, Pt. A, §2 (NEW) .]
SECTION HISTORY
1993, c. 293, §A2 (NEW).