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NY-UCC §3-122 specifically provides that, for a time instrument, the statute of limitation accrues one day following the date of maturity and, for a demand instrument, the statute of limitation accrues on the date the instrument is executed or issued. These consequentially different accrual dates require an inquiry into whether, under the New York Uniform Commercial Code (the “Code”), a mortgage note under review is either a time instrument pursuant to subsection (c) of NY-UCC §3-109(1), a demand instrument pursuant to NY-UCC §3-108 or a hybrid instrument—i.e., a time instrument (pursuant to subsection (a) of NY-UCC §3-109(1)) that can be converted into a demand instrument. Central to this inquiry is NY-UCC §1-309 (formerly NY-UCC §1-208), the provision of the Code that defines what constitutes a permissible acceleration clause in a time instrument pursuant to subsection (c) of NY-UCC §3-109(1).

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