The Arizona Revised Statutes have been updated to include the revised sections from the 56th Legislature, 1st Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 56th Legislature, 2nd Regular Session, which convenes in January 2024.
DISCLAIMER
This online version of the Arizona Revised Statutes is primarily maintained for legislative drafting purposes and reflects the version of law that is effective on January 1st of the year following the most recent legislative session. The official version of the Arizona Revised Statutes is published by Thomson Reuters.
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, ninety 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.