Find Laws Find Lawyers Free Legal Forms USA State Laws

OHIO STATUTES AND CODES

1303.34 Overdue instrument - UCC 3-304.

1303.34 Overdue instrument - UCC 3-304.

(A) An instrument payable on demand becomes overdue at the earliest of the following times:

(1) On the day after the day during which demand for payment is duly made;

(2) If the instrument is a check, ninety days after its date;

(3) 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 the usage of the trade.

(B) With respect to an instrument payable at a definite time, the following rules apply:

(1) 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.

(2) 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.

(3) If a due date with respect to principal has been accelerated, the instrument becomes overdue on the day after the accelerated due date.

(C) 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.

Effective Date: 08-19-1994

Ohio Forms by Issue

Ohio Court Forms
> DUI
> Probate
Ohio Name Change Forms
Ohio Real Estate Forms
Ohio Tax Forms

Ohio Law

Ohio State Laws
    > Ohio Child Support
    > Ohio Child Support Payment Status
    > Ohio Gun Law
    > Ohio Statutes
Ohio Labor Laws
    > Ohio Unemployment
Ohio State
    > Ohio Counties
    > Ohio Zip Codes
Ohio Tax
    > Ohio Sales Tax
    > Ohio State Tax
Ohio Court
    > Brandenburg v. Ohio
    > Mapp v. Ohio
    > Ohio Attorney General
    > Ohio Supreme Court
Ohio Agencies
    > Ohio Department of Corrections
    > Ohio Department of Education
    > Ohio Department of Health
    > Ohio Department of Insurance
    > Ohio Department of Taxation
    > Ohio Department of Transporation
    > Ohio DMV
    > Ohio Secretary of State Business Name Search

Ohio Court Map

Tips