Overdue

A bill, note, bond, or other contract for the payment of money at a particular day, when not paid upon the day, is overdue. The indorsement of a note or bill overdue is equivalent to drawing a new bill payable at sight; Bishop v. Dexter, 2 Conn. 419; A note when passed or assigned after it is overdue, is subject to all the equities between the original contracting parties; Nevins v. Townsend, 6 Conn. 5; Cumberland Bk. v. Kami, 18 N. J. L*. 222; Byles, Bills 100. Tlie transferor’s legal title passes and maturity acts as notice of such equities; see Fisher v. Leland, 4 Cush. (Mass.) 450, 50 Am. Dec. 805. The creation of a better title than that of the transferor is prevented; 4 B. & C. 330; Northampton N. Bk. v. Kidder, 100 N. Y. 221, 12 N. E. 577, 00 Am. Rep. 443; where live out of nine successively maturing notes were transferred after their maturity, it was held that a counterclaim for breach of warranty by the payee could be set up against them all; Rowe v. Scott, 28 S. D. 145, 132 N. W. GIF).

A negotiable instrument or other evidence of debt is overdue when the day of its maturity is past and it remains unpaid. A vessel is said to be overdue when she has not reached her destination at the time when she might ordinarily have been expecied to arrive.

1. Of commercial paper, dishonored; matured and unpaid; past the time named for payment, yet not paid. Wharton defines it as meaning past the time of payment. But we do not understand that the term is applicable to paper which has been paid. To be called overdue, a note must be still due; that is, not paid, although the time of maturity has passed. In this re.spect, Bouvier's definition is superior: a bill, note, bond, or other contract for the payment of money at a particular day, when not paid upon the day, is overdue. There is but a shade of difference between "overdue" and "due;" it consists in an implication of censure, which the former word conveys, and the latter does not. A bill becomes due throughout the business hours of the day on which it is by law payable; but as yet it is not overdue. If paid during so called if no censure, no imputation of being dishonored, is intended; or it may be called "overdue," meaning to impute loss of negotiability and other consequences of default in payment of a mercantile paper. 2. Of vessels, one is said to be due, when the time at which she ought, under ordinary circumstances, to reach port, arrives, yet she has not come; and to be overdue, after that time passes without her arrival.