The maturity of a bill of exchange or promissory note is the date on which it falls due. The question of maturity becomes important where a bill or note is payable at fixed period after sight.
A note or bill not payable on demand, at sight or on presentment is at maturity on the third day after the day on which it is payable. Three day are allowed as days of grace (Sec. 22). In case of a note or bills payable on demand at sight on presentment, no. days of grace are allowed.
Calculation of maturity:
In the cases where a bill is payable at a fixed period after sight, the time is to be calculated from the date of the acceptance if it is accepted and from the date of noting or protest if the bill is noted or protested for non-acceptance.
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Instrument payable so many months after date or sight (Section 23):
If the instrument is made payable at stated number of months after date or after sight or after a certain event, it becomes payable three days after the corresponding date of the month.
If the month in which the period would change has no corresponding day, the period shall be liable to change on the last day of such month. Three days of grace must be added to it.
Instrument payable after certain days (Section 24):
In calculating the date at which promissory note or bill of exchange made payable a certain number of days after sight or after a certain event is at maturity, the day of the date of presentment for acceptance or sight or of protest for non-acceptance or on which the event happen shall be excluded.
When day of maturity is a holiday (Section 25):
When the day on which a promissory note or bill of exchange is at maturity is a public holiday, the instrument will be deemed to be due on the next preceding business day. In case it is an emergency holiday, than on the next succeeding day.