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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.
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