403.304 Overdue instrument.
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/wi/chapter-403/403-304A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
403.304 Overdue instrument.
(1)An instrument payable on demand becomes overdue at the earliest of the following times:
(a)On the day after the day on which demand for payment is duly made.
(b)If the instrument is a check, 90 days after its date.
(c)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.
(2)With respect to an instrument payable at a definite time the following rules apply:
(a)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.
(b)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.