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Legal Terms - days of grace
The period of time, prior to the Banking and Financial Dealings Act of 1971, that was added to the payment deadline specified by a *bill of exchange that was not due on demand. Any bill drawn on or after January 16, 1972, must be paid in full on the final day of the due date shown on the bill, or, if that day falls on a nonbusiness day, on the next working day.
The period of time, prior to the Banking and Financial Dealings Act of 1971, that was added to the payment deadline specified by a *bill of exchange that was not due on demand. Any bill drawn on or after January 16, 1972, must be paid in full on the final day of the due date shown on the bill, or, if that day falls on a nonbusiness day, on the next working day.
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