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The following is a list of significant holidays recognized by most banks and many businesses, as well as state and federal offices:
New Year’s Day January 1
Martin Luther King Day Third Monday in January
Lincoln’s Birthday February 12
Washington’s Birthday (observed) Third Monday in February
Washington’s Birthday February 22
Memorial Day (observed) Last Monday in May
Memorial Day May 30
Independence Day July 4
Labor Day First Monday in September
Columbus Day (observed) Second Monday in October
Columbus Day October 12
Election Day First Tuesday in November
Veterans’ Day November 11
Thanksgiving Day Fourth Thursday in November
Christmas Day December 25

Legal public holidays recognized by the federal government are specified in Section 6103(a) of Title 5 of the United States Code.

Usually, whenever an act is to be performed on a particular day that happens to fall on a holiday, the act may be performed on the next business day with the same effect as if performed on the day appointed. This rule is generally not true where the parties have clearly indicated that “time is of the essence” or they are meeting the deadlines for a 1031. In any event, a prudent contract drafter should foresee possible problems and make the appropriate adjustments.
Dearborn Real Estate Education
This "Word of the day" is excerpted from The Language of Real Estate, 6th Edition by John Reilly (published by Dearborn Real Estate Education, 2006 copyright). To purchase the complete book, with over 2800 key terms and definitions, or to browse through Dearborn's hundreds of other professional real estate titles, including Real Estate Technology Guide by Klein, Barnett, Reilly, click here.

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