General Construction Law 25 — Legislation

Legislation Search OpenLegislation Statutes Search Term Search icon Search previous SECTION 24-A Closing of banking organizations on Saturday; Sunday, public holiday or Saturday afternoon banking transactions; emergency bank holidays up ARTICLE 2 Meaning of Terms next SECTION 25-A Public holiday, Saturday or Sunday in statutes; extension of time where performance of act is due on Saturday, Sunday or public holiday Viewing most recent revision (from 2014-09-22) View historical revision as of: -- Choose a Date -- 2014-09-22 Share Facebook Email SECTION 25 Public holiday, Saturday or Sunday in contractual obligations; extension of time where performance of act authorized or required by contr... General Construction (GCN) CHAPTER 22, ARTICLE 2 § 25. Public holiday, Saturday or Sunday in contractual obligations; extension of time where performance of act authorized or required by contract is due on Saturday, Sunday or public holiday. 1. Where a contract by its terms authorizes or requires the payment of money or the performance of a condition on a Saturday, Sunday or a public holiday, or authorizes or requires the payment of money or the performance of a condition within or before or after a period of time computed from a certain day, and such period of time ends on a Saturday, Sunday or a public holiday, unless the contract expressly or impliedly indicates a different intent, such payment may be made or condition performed on the next succeeding business day, and if the period ends at a specified hour, such payment may be made or condition performed, at or before the same hour of such next succeeding business day, with the same force and effect as if made or performed in accordance with the terms of the contract. 2. Where time is extended by virtue of the provisions of this section, such extended time shall not be included in the computation of interest unless the contract so provides, except that when the period is specified as a number of months, such extended time shall be included in the computation of interest unless the contract otherwise provides. 3. Notwithstanding any other provision of law, all time deposits and certificates of deposit of banking organizations that mature on a Saturday, Sunday or bank holiday shall continue to accrue interest at the same rate fixed for the term of the deposit or certificate until the first banking day next succeeding the date of maturity, at which the principal and all accrued interest may be withdrawn, unless sooner withdrawn by the depositor.