Amend the bill by striking out everything after the enacting clause and before the summary and inserting the following:
‘Sec. 1. 14 MRSA §751, as amended by PL 1965, c. 306, §30, is further amended to read:
Except as provided in Title 11, section sections 2-725 and 3-1118, subsection (1), personal actions on contracts or liabilities under seal, promissory notes signed in the presence of an attesting witness, or on the bills, notes or other evidences of debt issued by a bank shall must be commenced within 20 years after the cause of action accrues.
Sec. 2. Application. This Act applies to negotiable instruments executed on or after the effective date of this Act.’
summary
This amendment replaces the bill. Like the bill, it clarifies that the 6-year statute of limitations included in Article 3-A of the Uniform Commercial Code, not the 20-year statute of limitations in Title 14, section 751, applies to all negotiable instruments.
This amendment includes language to specifically apply the language to negotiable instruments executed on or after the effective date of this legislation. Negotiable instruments executed before the effective date are governed by the current law.