Quarter day Meaning, Definition & Usage

  1. noun a Christian holy day; one of four specified days when certain payments are due

WordNet

Definitions
  1. a day regarded as terminating a quarter of the year; hence, one on which any payment, especially rent, becomes due. In matters influenced by United States statutes, quarter days are the first days of January, April, July, and October. In New York and many other places, as between landlord and tenant, they are the first days of May, August, November, and February. The quarter days usually recognized in England are 25th of March (Lady Day), the 24th of June (Midsummer Day), the 29th of September (Michaelmas Day), and the 25th of December (Christmas Day).

Webster 1913