Maturity Law Law and Legal Definition

Maturity is a term subject to different meanings, but in a commercial paper context, it refers to the date on which a negotiable instrument, such as a promissory note or bill of exchange, becomes due and payable. The maturity date is when the legal right to enforce payment of the obligation becomes vested.Sometimes a note states that failure to pay interest or installment payments when due "accelerates" the note. In such a case, the acceleration makes the "maturity date" immediate if such payments are demanded and not paid.

Maturity may also refer to when a person, usually upon reaching the age of 18, becomes an adult.