Keota Mills & Elevator v. Gamble

KAUGER, J.;

{1 This cause concerns an attempt to recover on a defaulted promissory note. The dispositive question presented is whether partial payment on the note extended the time within which to bring an action. The parties stipulated that the issue was whether the suit was time-barred by the five year limitation period of 12 0.98.1981 1 which was in effect in 1989 when the note was executed, or the six year limitation period of the Uniform Commercial Code (UCC) 12A O0.S. Supp.1992 § 3-118(a),2 which became effective January 1, 1992.

T2 However, reliance on only these statutes fails to take…