Also known as: mature · matures · matured · maturing · due date · time of maturity
Written by attorneys · grounded in primary & secondary sources — see below
2 senses
The date on which the principal amount of a negotiable instrument or debt obligation becomes due and payable. Default in interest payments alone does not render the instrument overdue unless the due date of principal has been accelerated.
The date on which the principal amount of a negotiable instrument or debt obligation becomes due and payable. Default in interest payments alone does not render the instrument overdue unless the due date of principal has been accelerated.
Select any source to read its text and confirm it supports the definition.
The condition of having reached full development or the age of legal majority, particularly for purposes of capacity to consent to marriage, medical decisions, or other legal relationships.
Select any source to read its text and confirm it supports the definition.
The condition of having reached full development or the age of legal majority, particularly for purposes of capacity to consent to marriage, medical decisions, or other legal relationships.
Each sense below has its own examples, sources, and questions.
Metro Bank holds a promissory note from Mirage Hotels with a principal due date of June 1. Mirage misses the March interest payment but pays the principal on time. Because the due date of principal has not been accelerated, the note does not become overdue despite the interest default.
Mariam Mansour endorses a promissory note to Malcolm McKinley to satisfy an antecedent debt. The note has not yet reached its stated due date. Under the rule governing bona fide holders before maturity, McKinley takes free of defenses that would have been available against the original parties.
Ming Ma and her partner form a venture that issues a note due in five years. When the partner seeks to renegotiate terms before maturity, the court considers whether the existing fiduciary duties extend to altering the maturity date of the partnership obligation.
No. Under the controlling rule, an instrument does not become overdue from a default in interest alone unless the due date of principal has been accelerated.
Supporting sources
A holder who takes the instrument before maturity is presumed to be a bona fide purchaser and is protected against most defenses that would be available between the original parties.
Supporting sources
Melanie Morris, a 17-year-old, seeks to live with her grandmother in a single-family zone that limits occupancy by blood relation. The city defends the ordinance by citing the need for a clear line between childhood and maturity. The court must decide whether the age distinction survives constitutional scrutiny.
Mina Mehta, a minor, attempts to bring suit through a next friend after her parents refuse consent. The court evaluates whether her demonstrated maturity allows her to proceed independently or whether she remains subject to the age-based rules that limit standing for those who have not reached majority.
Mason McCarthy, a 16-year-old, claims he captured a fox by hot pursuit on open land. The landowner argues that Mason's youth and lack of maturity prevent him from acquiring property rights under the traditional rule requiring actual possession. The court must apply the capture rule to a minor claimant.
Yes. Courts have upheld statutes that employ a simple age criterion to determine probable maturity rather than requiring individualized proof in every case.
Supporting sources
The minor's actions are generally subject to the age-based rules of capacity. Courts do not rewrite statutory definitions of adulthood merely because the minor appears responsible or mature.
Supporting sources
…facts and may recover thereon. This doctrine is fundamental to the security of negotiable paper. Equally, the holder before maturity is not bound to prove bona fides and value; the law presumes it until rebutted, and it is incumbent upon the defendant to prove otherwise. In the present case Swift was a bona fide holder…