§490:3-304 Overdue instrument. (a) An instrument payable on demand becomes overdue at the earliest of the following times:
(b) With respect to an instrument payable at a definite time the following rules apply:
(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. [L 1991, c 118, pt of §1]