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Simple English definitions for legal terms
Maturity
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A quick definition of Maturity:
Term: Maturity
Definition: Maturity means different things depending on what we're talking about. When we talk about a person, maturity means when they become an adult, usually at 18 years old. It can also mean how grown-up someone is in their mind and emotions. When we talk about money, maturity means the date when someone has to pay back what they owe on a loan or bond.
A more thorough explanation:
The term “maturity” is used in different areas of law and has different meanings depending on the context. Here are some examples:
When we talk about a person's maturity, we usually mean the age at which they become an adult. In the United States, this age is 18. However, “maturity” can also refer to a person's emotional and mental development in relation to their age.
Example: John turned 18 last month, so he has reached the age of maturity and can vote in elections.
When we talk about financial instruments, maturity refers to the date on which payment becomes due for a promissory note, bond, or other debt instrument. This means that the borrower must pay back the money they borrowed on or before the maturity date.
Example: Sarah took out a loan and the maturity date is in 5 years. This means that she has to pay back the loan in full on or before that date.
In summary, maturity can refer to a person's age or their emotional and mental development, as well as the date on which payment becomes due for a financial instrument.
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