New Jersey § 12a:3-304
Full text of New Jersey New Jersey Statutes § 12a:3-304, with citation guidance and answers to common questions.
§ 12a:3-304.
a. An instrument payable on demand becomes overdue at the earliest of the following
times: (1) on the day after the day demand for payment is duly made; (2) if the instrument is a check, 90 days after its date; or (3) if the instrument is not a check, when the instrument has been outstanding for
a period of time after its date which is unreasonably long under the circumstances
of the particular case in light of the nature of the instrument and 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.
Frequently Asked Questions About New Jersey § 12a:3-304
What does New Jersey Statutes § 12a:3-304 cover?
Section 12a:3-304 is part of the New Jersey Statutes, the codified statutory law of New Jersey. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Jersey § 12a:3-304?
A common citation format is "New Jersey Statutes § 12a:3-304" (New Jersey). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 12a:3-304 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Jersey.