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(a) An instrument payable on demand becomes overdue at the earliest of the following times:
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(1) on the day after the day demand for payment is duly made;
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(2) if the instrument is a check, 90 days after its date; or
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(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.
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(b) With respect to an instrument payable at a definite time the following rules apply:
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(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.
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(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.
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(3) If a due date with respect to principal has been accelerated, the instrument becomes overdue on the day after the accelerated due date.
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(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.