Maturity and Days of grace
Full Text
“Maturity”.—The maturity of a promissory note or bill of exchange is the date at which it falls due.
Days of grace.—Every promissory note or bill of exchange which is not expressed to be payable on demand, at sight or on presentment is at maturity on the third day after the day on which it is expressed to be payable.
Plain English Summary
Defines maturity as the due date of a bill or note and grants a mandatory three days of grace for instruments not payable on demand.
Key Legal Elements
- Maturity is the date at which the instrument falls due
- Three days of grace must be added to the calculation of maturity for time instruments
- Instruments payable on demand, at sight, or on presentment do not get grace days
Practical Note
Grace days (3 days) are statutory and mandatory for all time instruments (e.g., bills payable after 3 months). If a bill is payable on demand, at sight, or on presentment, no grace days are allowed.
हिंदी पाठ
“परिपक्वता”।—वचन-पत्र या विनिमय-पत्र की परिपक्वता (maturity) वह तारीख होती है जिस दिन वह देय (due) होता है।
अनुग्रह दिवस।—प्रत्येक वचन-पत्र या विनिमय-पत्र, जिसके बारे में यह व्यक्त नहीं किया गया है कि वह मांग पर, दर्शन पर या प्रस्तुत करने पर देय है, उस दिन के तीसरे दिन परिपक्व (mature) होता है जिस दिन वह देय व्यक्त किया गया है।