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TeachMeFinance.com - explain Grace historic definition... Grace -- Three days directly following the maturity of a promissory note or bill of exchange (draft) allowed debtors .by law in some states in which to make payment. In most states grace has been abolished on all forms of paper. In some states grace is not allowed on demand drafts, but is allowed on sight drafts ; in other states it is allowed on both. About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2007 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.