Maturity Legal Meaning and Definition

Here is a simplified definition of the legal term Maturity.

Maturity (noun)

1. The point in time when a financial arrangement, like a loan or an investment, becomes due for payment or is ready to be cashed out (example: A $1000 bond has a "maturity date" of December 31, 2030. On this date, the bond is mature and the issuer must pay the bondholder $1000).

2. The age at which a person is considered legally capable of handling certain responsibilities or entering into a valid agreement (example: The "maturity age" for signing a contract without a parent or guardian's consent is often 18 years old).

Note: This term is primarily used in finance and law.