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Short-Term Notes
Source: Encyclopedia of Banking & Finance (9h Edition) by Charles J Woelfel
(We recommend this as work of authority.)

Notes with maturities of under one year.  Such maturities are particularly characteristic of seasonal borrowing, including paper "eligible" for rediscount by Federal Reserve banks.  Section 13 of the Federal Reserve Act specifies maximum maturities of 90 days, exclusive of grace, on paper drawn or issued for industrial or commercial purposes; Section 13a of the act specifies maximum maturities, at the time of discount and exclusive of days of grace, of 9 months for paper issued or drawn for agricultural purposes or based upon livestock.  


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