Law Day
LAW DAY
The date prescribed in a bond, mortgage, or deed for payment of the debt; the maturity date. May 1st, observed in schools, public assemblies, and courts, in honor of our legal system.
In regard to real property, the law day is the final date fixed by the court on which the debtor can pay off the mortgage debt, redeem the real estate, and prevent it from being sold after foreclosure proceedings are commenced.
The definition of law day, also known as law date, varies from jurisdiction to jurisdiction. Some states define law day as the actual due date of the mortgage or any day thereafter until foreclosure, while others view the date of foreclosure and law day as synonymous. In some jurisdictions, the day fixed in the contract for the closing of title is the law day.