In mercantile law. An allowance of additional time for the payment of debts. An agreement between a debtorand his creditors, by which they allow him further time for the payment of his liabilities.In patent law. An extension of the life of a patent for an additional period of sevenyears, formerly allowed by law in the United States, upon proof being made that theinventor had not succeeded in obtaining a reasonable remuneration from his patentright.This is no longer allowed, except as to designs. See Rev. St. U. S.