Maturity

The time when a bill or note becomes due.

The time when a bill or note becomes due. In its application to bonds and other similar instruments maturity applies to the time fixed for their payment, which is the termination of the period they have to run. In wills the term has been construed in different senses according to the testator’s intent. The word may well be held to import maturity of mind and character; Condlct’s Ex’rs v. King, 13 N. J. Eq. 380; or it may be the equivalent of lawful age; Carpenter v. Boulden, 48 Md. 129. Questions as to the exact time of maturity of commercial instruments may arise in determining whether an action upon it has been brought prematurely; Whitwell v. Brigham, 19 Pick, (Mass.) 117; whether an action is barred by the statute of limitations; Dawley v. Wheeler, 52 Vt 674; whether Judgment has been prematurely entered under a warrant of attorney to confess Judgment; Taylor v. Jacoby, 2 Pa. 495, 45 Am. Dec. 615; whether a paper has been presented for payment and notice of dishonor given at the proper time; Commercial Bank v. Barksdale, 36 Mo. 663; whether it has been transferred before maturity, so as to give the holder the position of a 6ono fide purchaser; Baucom v. Smith, 66 N. C. 637; whether a bill was prematurely paid by an accommodation acceptor or surety; Whitwell V. Brigham, 19 Pick. (Mass.) 117; and in other cases: substantially the same principles determine the time of maturity for all these purposes.

The time when a bill of exchange or promissory note becomes due.

In mereantile law, The time when a bill of exchange or promissory note becomes due. Story, Bills, § 329,

Is not synonymous' with legal majority. As used by a testator, it may well be held to import maturity of mind and character, the combined result of age and education. Condict v. King, 13 N.J.Eq.-i'ib. The word maturity was construed to mean puberty, in Lowry v. Mountjoy, 6 Call, 65. Maturity, when used with reference to bonds and similar instruments, means the time fixed for payment of the principal. A condition to pay bonds at maturity does not refer to payment of annual instalments of interest, though such are promised by the bonds, and is not broken by default in payment of interest until the time named for paying the principal arrives. United States V. Union Pacific R. E. Co., 91 U. S. (1 Otto) 72. The words " at maturity " refer to and include the whole day, unless specially and distinctly limited to a certain hour of the day. Leigh v. Knickerbocker Life Ins. Co., 26 La. Am. 436.