Grace - Law Dictionary Search Results
Days of grace
Days of grace. Time of indulgence granted to an acceptor for the payment of his bill of exchange. It was originally a gratuitous favour (hence the name), but custom has rendered it a legal right.The number of these days varies according to the ancient custom or express law prevailing in each particular country. In the (English) United Kingdom, by the Bills of Exchange Act, 1882 (45 & 46 Vict. c. 61), s. 14, 'where a bill' (i.e., a bill of exchange or promissory note) 'is not payable on demand, the day on which it falls due is determined as follows:-Three days, called days of grace, are, in every case where the bill itself does not otherwise provide, added to the time of payment as fixed by the bill, and the bill is due and payable on the last day of grace,' with a proviso that where the last day of grace falls on Sunday, Christmas Day, or Good Friday, or a public fast or thanksgiving day, the bill is payable on the preceding business day, or on the succeeding business day if the last d...
grace period
grace period : a period of time beyond a scheduled date during which a required action (as payment of an obligation) may be taken without incurring the ordinarily resulting adverse consequences (as penalty or cancellation): as a : a period of 30 days or one month during which premiums on insurance policies may be paid without penalty b : a period of ten days during which certain security interests (as those in fixtures or purchase money security interests) must be perfected in order to have priority over conflicting security interests under Article 9 of the Uniform Commercial Code called also days of grace ...
days of grace
days of grace :grace period ...
grace
grace 1 : a special favor : privilege [considered by many authorities to be a matter of and not of right "The Mentally Disabled and the Law"] 2 a : a temporary exemption b : the prerogative of mercy exercised (as by a chief executive) or granted in the form of equitable relief ...
Act of Grace
Act of Grace. The Act so termed in Scotland was passed in 1696; it provides for the maintenance of debtors imprisoned by their creditors. It is usually applied in England to general pardons granted at the beginning of a new reign, or on other great occasions....
Grace
Grace, a faculty, licence, or dispensation; also general and free pardon by Act of Parliament...
Grace, pilgrimage of
Grace, pilgrimage of, an insurresction which broke out in the northern counties in the reign of Henry VIII. after the suppression of the lesser monasteries, the principal object being the restoration of the Church....
Pawnbroker
Pawnbroker, contemplates that every person who keeps a shop for the purchase or sale of goods or chattels and who purchases goods or chattels and pays or advances thereon any sum of money, with or under an agreement or understanding expressed or implied that the goods or chattel may be afterwards repurchased on any terms, is a 'pawnbroker', Karnataka Pawnbrokers' Assn. v. State of Karnataka, (1998) 7 SCC 707.One who lends money on goods which he receives upon pledge.The rate of interest which pawnbrokers may take has been fixed by law since 1800, by 39 & 40 Geo. 3, c. 48, which Act placed their whole business under various other restrictions. By the (English) Pawn-brokers Act, 1872 (which applies to Scotland, but not to Ireland), this Act, together with its amending Acts, is repealed, and the statute law of the subject consolidated. Sch. IV., dealing with profits and charges, has been amended by the (English) Pawnbrokers Act, 1922, in respect of loans not exceeding 40s.By s. 5 of the A...
Good Friday
Good Friday. The Bills of Exchange Act, 1882, s. 92, consolidating 39 & 40 Geo. 3, c. 42, passed for the better observance of Good Friday, and 7 & 8 Geo. 4, c. 15, provides that Good Friday and Christmas Day are to be excluded as 'non-business days' in cases where the time limited by that Act for doing any act or thing is less than three days; and also, by s. 14, that where the last of the three 'days of grace' (see GRACE DAY OF) falls on Good Friday, a bill of exchange shall be payable on the preceding business day. Good Friday is a holiday in the Courts and offices of the Supreme Court (R.S.C. 1883, Ord. LXIII., r. 4), and is not reckoned in the computation of limited time (less than six days) for the purposes of the Rules, (ibid., Ord. LXIV., r. 2), or of limited time, not exceeding seven days, for the purposes of the Municipal Corporations Act, 1882, by s. 230 of that Act, which also allows acts to be done on the day after Good Friday instead of on Good Friday. Houses where intoxic...
Gracious
Abounding in grace or mercy manifesting love or bestowing mercy characterized by grace beneficent merciful disposed to show kindness or favor condescending as his most gracious majesty...
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