Negotiable Instruments Act Section 22 — “Maturity”
CHAPTER II OF NOTES, BILLSAND CHEQUES
General
Summary
The maturity of a promissory note or bill of exchange is the date on which it becomes due for payment. If the note or bill is not specifically meant to be paid on demand, at sight, or when presented, it becomes due on the third day after the date stated for payment. This means you generally have to wait three extra days after the stated payment date before the instrument is considered mature.
Official Text
The maturity of a promissory note or bill of exchange is the date at which it falls due. Days of grace.—Every promissory note or bill of exchange which is not expressed to be payable on demand, at sight or on presentment is at maturity on the third day after the day on which it is expressed to be payable.