CHAPTER VIII. - Limitation (Prescription)

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1. A right of action arising on an instrument may no longer be exercised after four years have elapsed:

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(a) Against the maker, or his guarantor, of a note payable on demand, from the date of the note;

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(b) Against the acceptor or the maker or their guarantor of an instrument payable at a definite time, from the date of maturity;

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(c) Against the guarantor of the drawee of a bill payable at a definite time, from the date of maturity or, if the bill is dishonoured by non-acceptance, from the date of protest for dishonour or, where protest is dispensed with, from the date of dishonour;

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(d) Against the acceptor of a bill payable on demand or his guarantor, from the date on which it was accepted or, if no such date is shown, from the date of the bill;

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(e) Against the guarantor of the drawee of a bill payable on demand, from the date on which he signed the bill or, if no such date is shown, from the date of the bill;

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(f) Against the drawer or an endorser or their guarantor, from the date of protest for dishonour by non-acceptance or by non-payment or, where protest is dispensed with, from the date of dishonour.

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2. A party who pays the instrument in accordance with article`70 or article`71 may exercise his right of action against a party liable to him within one year from the date on which he paid the instrument.

UNCITRAL Convention on International Bills of Exchange and International Promissory Notes, 1988

CHAPTER I. - Sphere Of Application And Form Of The Instrument

CHAPTER II. - Interpretation

Section 1. - General provisions

Section 2. - Interpretation of formal requirements

Section 3. - Completion of an incomplete instrument

CHAPTER III. - Transfer

CHAPTER IV. - Rights And Liabilities

Section 1. - The rights of a holder and of a protected holder

Section `2. - Liabilities of the parties

A. - General provisions

B. - The drawer

C. - The maker

D. - The drawee and the acceptor

E. - The endorser

F. - The transferor by endorsement or by mere delivery

G. - The guarantor

CHAPTER `V. - Presentment, Dishonour By Non-Acceptance Or Non-Payment, And Recourse

Section `1. - Presentment for acceptance and dishonour by non-acceptance

Section `2. - Presentment for payment and dishonour by non-payment

Section `3. - Recourse

A. - Protest

B. - Notice of dishonour

Section 4. - Amount payable

CHAPTER VI. - Discharge

Section 1. - Discharge by payment

Section 2. - Discharge of other parties

CHAPTER VII. - Lost Instruments

CHAPTER VIII. - Limitation (Prescription)

CHAPTER IX. - Final Provisions

[Post Provisions]

Annex - Explanatory Note by the UNCITRAL Secretariat on the United Nations Convention on International Bills of Exchange and International Promissory Notes *[NOTE]

B. - Salient Features Of The Convention

Notes

Endnotes

Metadata

Manifest

CHAPTER VIII. - Limitation (Prescription)

Article 84