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Financial Dictionary

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YEAR AND DAY - This period of time is particularly recognized in the law. For example, when a judgment is reversed, a party, notwithstanding the lapse of time mentioned in the statute of limitations pending that action, may commence a fresh action within a year and a day of such reversal again, after a year and a day have elapsed from the day of signing a judgment, no execution can be issued until the judgment shall have been revived by scire facias.

In Scotland, it has been decided that in computing the term, the year and day is to be reckoned, not by the number of days which go to make up a year, but by the return of the day of the next year that bears the same denomination.


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