Grace Period - Law Dictionary Search Results
Home Dictionary Name: grace periodgrace 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 ...
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...
late payment charges
late payment charges the penalty the homeowner must pay when a mortgage payment is made after the due date grace period. Source: U.S. Department of Housing and Urban Development ...
payment due date
payment due date Contract language specifying when payments are due on money borrowed. The due date is always indicated and means that the payment must be received on or before the specified date. Grace periods prior to assessing a late fee or additional interest do not eliminate the responsibility of making payments on time. Source: U.S. Department of Housing and Urban Development ...
Graced
Endowed with grace beautiful full of graces honorable...
Graceful
Displaying grace or beauty in form or action elegant easy agreeable in appearance as a graceful walk deportment speaker air act speech...
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...
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