Legal Question in Business Law in Massachusetts
payment made definition
Is a loan payment made when mailed? The loan document in question defines the payment requirement as: ''first payment is due on 1/1/07, and a like sum on the like date of each month thereafter''.
2 Answers from Attorneys
: payment made definition
The definition is not a legal one, it depends on the person or the business with whom you have the payment agreement.
If it says due on 1/1, it should be in the hands of the other party by then.
Re: payment made definition
Most loan agreements provide that the payment is due in hand on the 1st day fo the month but have a statement that it will not be deemed late as long as received within 10-15 days depending on whether it is a Mortgage or a different kind of loan.
A payment is considered made on most loans when received not mailed.
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