Question 181. - A note is drawn June 30th, at one month. Allowing three days' grace will date of maturity fall on August 2nd or August 3rd?

Answer. - August 2nd. The month is a calendar month, i.e., from any day in one month to the same day in the next month. The note described would, therefore, be payable on August 2nd. (See section 46, Bills of Exchange Act).