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Home / Opinion Digests / Commercial – Promissory Note – Acceleration – Payment During Grace Period (access required)

Commercial – Promissory Note – Acceleration – Payment During Grace Period (access required)

Although debtors mailed their loan payment within the ten-day grace period provided for in the promissory note, as they alleged they routinely did, the payment was untimely where it was received beyond the ten-day grace period and the lender was entitled to accelerate the balance of the note. Defendants argue that the usual course of dealing ...