Maturity

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maturity

n. 1) the date when the payment of the principal amount owed under the terms of a promissory note or bill of exchange becomes due. Quite often a note states that failure to pay interest or installment payments when due "accelerates" the note, making the "maturity date" immediate if such payments are demanded and not paid. 2) the age when one becomes an adult, which is 18 for most purposes. (See: promissory note, bill of exchange, acceleration, legal age)

Copyright © 1981-2005 by Gerald N. Hill and Kathleen T. Hill. All Right reserved.

MATURITY. The time when a bill or note becomes due. In order to bind the endorsers such note or bill must be protested, when not paid, on the last day of grace. See Days of grace.

A Law Dictionary, Adapted to the Constitution and Laws of the United States. By John Bouvier. Published 1856.
References in classic literature ?
Then I wrapped up the child in my medicines and again bound the mat about the bundle.
I went again, bearing the mat containing the dead child in my right hand.
Then I undid the mat, and he looked on the child, and laughed aloud.
"Five goats and a new sleeping mat," mumbled Bukawai.
"Two fat goats and a sleeping mat." Momaya raised her bid; but Bukawai was obdurate.
Bring with you the three fat goats, the new sleeping mat, and the piece of copper wire the length of a large man's forearm."
If I had had the luck to meet with such a wife as Mat found!"
"And Mat blows away at his bassoon, and you're respectable civilians one and all," says Mr.
Reclining upon our mats, we now held a kind of levee, giving audience to successive troops of the natives, who introduced themselves to us by pronouncing their respective names, and retired in high good humour on receiving ours in return.
So stubborn was its consistency, that in conveying my heavily-weighted hand to my mouth, the connecting links almost raised the calabash from the mats on which it had been placed.
These individuals now provided us with fresh mats to lie upon, covered us with several folds of tappa, and then extinguishing the tapers that had been burning, threw themselves down beside us, and after a little desultory conversation were soon sound asleep.
It had only one room and no furniture except beds of clean straw and a few mats of woven grasses; but our travelers were contented with these simple things because they realized it was the best the Donkey-King had to offer them.