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Simple English definitions for legal terms
maturity date
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A quick definition of maturity date:
A maturity date is the day when a debt or loan must be paid back in full. This is usually the date specified in a promissory note or bond. It's important to keep track of the maturity date so that you can make sure to pay back the debt on time and avoid any penalties or fees.
A more thorough explanation:
Definition: The date when a debt, such as a promissory note or bond, becomes due for payment.
Example: If you borrow money from a bank and sign a promissory note, the maturity date is the day when you have to pay back the full amount of the loan plus any interest that has accrued.
This example illustrates that the maturity date is the deadline for the borrower to repay the debt. If the borrower fails to pay by the maturity date, they may face penalties or legal action.