A number of days allowed, as a matter of favor or grace, to a person who has to perform some act, or make some payment, after the time originally limited for the purpose has elapsed. In old practice. Three days allowed to persons summoned in the English courts, beyond the day named in the writ, to make their appearance; the last day being called the “quarto die post.” 3 Bl. Comm. 278. In mercantile law. A certain number of days (generally three) allowed to the maker or acceptor of a bill, draft, or note, in which to make payment, after the expiration of the time expressed in the paper itself. Originally these days were granted only as a matter of grace or favor, but the allowance of them became an established custom of merchants and was sanctioned by the courts, (and in some cases prescribed by statute.) so that they are now demandable as of right. Perkins v. Bank, 21 Pick. (Mass.) 485; Bell v. Bank, 115 U. S. 373, 6 Sup. Ct. 105. 29 L. Ed. 409; Thomas v. Shoemaker, 6 Watts & S. (Pa.) 182; Renner v. Bank, 9 Wheat. 581, 6 L. Ed. 166.
What is DAYS OF GRACE?
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