554.3118  Accrual of cause of action.
  1.  A cause of action against a maker or an acceptor accrues
  a.  in the case of a time instrument on the day after maturity;
  b.  in the case of a demand instrument upon its date or, if no date is stated, on the date of issue.
  2.  A cause of action against the obligor of a demand or time certificate of deposit accrues upon demand, but demand on a time certificate may not be made until on or after the date of maturity.
  3.  A cause of action against a drawer of a draft or an endorser of any instrument accrues upon demand following dishonor of the instrument. Notice of dishonor is a demand.
  4.  Unless an instrument provides otherwise, interest runs at the rate provided by law for a judgment
  a.  in the case of a maker, acceptor or other primary obligor of a demand instrument, from the date of demand;
  b.  in all other cases from the date of accrual of the cause of action.
94 Acts, ch 1167, §27, 121, 122