What is LAW DAY?

The day prescribed in a bond, mortgage, or defeasible deed for payment of the debt secured thereby, or, in default of payment, the forfeiture of the property mortgaged. But this does not now occur until foreclosure. Ward v. Lord, 100 Ga. 407, 28 S. E. 440; Moore v. Norman, 43 Minn. 428, 45 N. W. 857, 9 L. R. A. 55, 19 Am. St. Rep. 247; ICortright v. Cady, 21 N. Y. 345. 78 Am. Rep. 145.

More On This Topic

Link to This Definition
Did you find this definition of LAW DAY helpful? You can share it by copying the code below and adding it to your blog or web page.
Written and fact checked by The Law Dictionary