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Can you summarize NHRS 382-A:3-304?
UNIFORM COMMERCIAL CODE > Overdue Instrument.
Short Summary
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the concept of overdue instruments. An instrument payable on demand becomes overdue at the earliest of three times: the day after demand for payment is made, 90 days after the date for checks, or when the instrument has been outstanding for an unreasonably long period of time considering the nature of the instrument and trade usage. For instruments payable at a definite time, different rules apply. If the principal is payable in installments, the instrument becomes overdue upon default for nonpayment of an installment. If the principal is not payable in installments, the instrument becomes overdue on the day after the due date. If the due date has been accelerated, the instrument becomes overdue on the day after the accelerated due date. However, an instrument does not become overdue if there is default in payment of interest but no default in payment of principal, unless the due date of principal has been accelerated.
Whom does it apply to?
Parties involved in commercial transactions
What does it govern?
Overdue instruments
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
New Hampshire