Bell v. Sackett

This is an action on a promissory note, dated November 4, 1864, and payable on demand. The action was commenced November 7, 1868, and the defense is the Statute of Limitations. The first point for decision is, whether a promissory note payable on demand and containing no waiver, is entitled to days of grace. The statute leaves no room for doubt on this point. By an Act concerning promissory notes and bills of exchange, passed in 1851 (Statutes 1851, p. 523), it is provided that “three days, commonly called days of grace, shall be allowed, except on sight bills or drafts. ” The distinction…