Law Day

Also found in: Financial, Encyclopedia, Wikipedia.

Law Day

The date prescribed in a bond, mortgage, or deed for payment of the debt; the maturity date. May 1st, observed in schools, public assemblies, and courts, in honor of our legal system.

In regard to real property, the law day is the final date fixed by the court on which the debtor can pay off the mortgage debt, redeem the real estate, and prevent it from being sold after foreclosure proceedings are commenced.

The definition of law day, also known as law date, varies from jurisdiction to jurisdiction. Some states define law day as the actual due date of the mortgage or any day thereafter until foreclosure, while others view the date of foreclosure and law day as synonymous. In some jurisdictions, the day fixed in the contract for the closing of title is the law day.

Mentioned in ?
References in periodicals archive ?
Alvey continued, "With December 23 being declared as statewide Scotts Law Day under 5 ILCS 490/127, I also want to remind motorists to help us do our jobs.
The meeting validated UN-Habitats convening power and urged to use this to provide a platform for raising awareness on Urban Law, through the continuation of forums such as the Urban Law Day.
Delivering the valedictory address on the conclusion of the two-day meet on the National Law Day jointly organised by the Law Commission of India and the NITI Aayog, he said that balance between the three was the"backbone"of the country's Constitution.
Summary: New Delhi [India], Nov 26 (ANI): Chief Justice of India (CJI) Dipak Misra on Sunday invoked Dr BR Ambedkar during his valedictory address at an event commemorating the National Law Day.
New Delhi: A Union Minister and Chief Justice of India on Saturday crossed swords over judicial activism at a conference on the occasion of National Law Day with CJI Dipak Misra saying it was their sacrosanct duty to protect the fundamental rights of the citizens.
Each won first prize in the State Bar's annual Law Day Contest.
Happy," says the Psalmist, "are those whose delight is in the law of the Lord, and they meditate on his law day and night.
Ponsor, the guest speaker at the Worcester County Bar Association's annual Law Day breakfast Friday at the Beechwood Hotel, used a note from a disgruntled juror to drive home the point that although those engaged in the pursuit of justice have made headway over the last 800 years, they still have a long way to go.
SQUABBLING between two members of the Supreme Court Bar Association ( SCBA) marred the celebration of Law Day on Monday.
The significance of 26 November observed as National Law Day in India lies in the fact that it was on this day in year 1949, the drafting of the Constitution by the Constituent Assembly which started functioning on 09 December 1946 under the Chairmanship of Dr BR Ambedkar was completed after a span of 2 years, 11 months and 17 days.
While celebrating Law Day yesterday, New York Court of Appeals Chief Judge Jonathan Lippman made a special announcement: Beginning next year, New York will require prospective lawyers to complete mandatory pro bono service.
Advice about law school: "When people go to law school they have no idea what it means to practice law day in and day out: developing client portfolios; drafting documents every day, all day; working from 6 or 7 a.