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KembaraXtra – Legal Terms – Maturity
In commercial law, maturity refers to the date on which a bill of exchange becomes payable.
Where a bill is payable after a fixed period from a specified date, from sight, or from a particular event, the calculation of the due date follows established legal rules. Generally, the starting day is excluded while the payment day itself is included.
If a bill is payable after sight, time begins running from the date the bill is accepted. If acceptance is refused, the period may instead begin from the date of noting or protest for nonacceptance.
The concept of maturity is important because it determines when payment obligations become enforceable under the law governing negotiable instruments.
In commercial law, maturity refers to the date on which a bill of exchange becomes payable.
Where a bill is payable after a fixed period from a specified date, from sight, or from a particular event, the calculation of the due date follows established legal rules. Generally, the starting day is excluded while the payment day itself is included.
If a bill is payable after sight, time begins running from the date the bill is accepted. If acceptance is refused, the period may instead begin from the date of noting or protest for nonacceptance.
The concept of maturity is important because it determines when payment obligations become enforceable under the law governing negotiable instruments.
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