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4. MATURITY. The difference between the Anglo-American law and that of the Hague Convention relating to maturity or to the day of payment concerns, in the main, legal holidays and days of grace. Between countries having different calendars a question may arise also regarding the law that shall fix the maturity of the instrument.

Whatever difference of opinion there may be concerning the doctrine of the independence of the different contracts, all are agreed that the date of maturity must be determined alike with respect to all parties. The time of payment being a term of the original contract, all supervening parties must be deemed to have contracted upon the basis of that contract. The question is therefore whether the lex loci contractus or the lex loci solutionis of the bill or note shall govern.

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