EXTENSION

comm. law. This term is applied among merchants to signify an agreement made between a debtor and his creditors, by which the latter, in order to enable the former, embarrassed in his circumstances, to retrieve his standing, agree to wait for a definite length of time after their several claims should become due and payable, before they will demand payment. 2. Among the French, a similar agreement is known by the name of atermoiement. Merl. Rep. mot Atermoiement. In mercantile law. An allowance of additional time for the payment of debts. An agreement between a debtor and his creditors, by which they allow him further time for the payment of his liabilities. In patent law. An extension of the life of a patent for an additional period of seven years, formerly allowed by law in the United States, upon proof being made that the inventor had not succeeded in obtaining as reasonable remuneration from his patent-right. This is no longer allowed, except as to designs. See Rev. St U. S. f 4924 (U. S. Comp. St 1901, p. 3396).