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 instru- ment. 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.