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INTERDICTION

820

INTEREST

or if they refuse to act, the law authorizes even The powers vested in the curator are ada stranger to make the application.

ministrative only: he has no power of alienaThe mode of proceeding is by a petition tion whatever. Whenever there is a necessity addressed to the court, in which the reasons for the sale of any part of the property, an which render the interdiction necessary are application must be made to the court, and, if specifically and explicitly set forth. It is not the reasons alleged are considered sufficient, sufficient to allege in vague and general terms the sale is ordered to be made at public that the party is rendered incapable of ad- auction, and a return thereof made to the ministering his estate by mental or physical court. Nor is the curator permitted to mix maladies ; but their nature, character, and the funds belonging to the interdicted person symptoms must be stated with such legal ac- with his own, but he is compelled to keep curacy as to give the party or his representa- them separate and distinct, under severe pentive notice of the real state of facts on which alties. the application is based. A copy of this peti- The decree of interdiction has a retroactive tion is communicated to the person sought to operation, or relation back to the date of the be interdicted; and if he fails to employ application. From that period the party, counsel the court appoints one to assist in the ceases to be sui juris, and becomes alieni defence of the action. After the contestatio juris : consequently, all legal transactions he litis has been formed by the answer of the may enter into are null and void, and no evidefendant and his counsel, a careful investiga- dence is admissible to show that the acts were tion of the condition of the party is entered done during a lucid interval. The incapacity upon.

thus created can only be removed by a formal No decree of interdiction can be rendered judgment, rendered by the same court, revokunless it be conclusively proved that the party ing the interdiction. In order to obtain this is subject to an habitual state of idiocy, mad- revocation, it must be alleged and proved that ness, insanity, or bodily infirmities to such a the cause for the interdiction has ceased. degree as to disable him from administering It is made the duty of the curator to pubhis estate; but the mere fact that the person lish the decree of interdiction in the newspalaboring under mental aberration has lucid pers; and if he should neglect to do so he is intervals is no objection to the interdiction. siable in damages to those who may contract

With regard to the nature of the evidence, with the interdicted person in ignorance of it consists chiefly in the report, under oath, his incapacity. of physicians who are appointed to examine During the continuance of the interdiction into the condition of the party, his answers to the law expresses the most tender solicitude such interrogatories as the judge propounds for the care and protection of the interdicted to him, and of his recent acts and conduct. person, and directs every possible step to be Courts act with great caution and circumspec. taken for the alleviation of his sufferings and tion in applications for interdiction, and will the cure of his disease. His revenues are all never render the decree unless it clearly ap: to be applied for the attainment of these ends. pears to be absolutely necessary that it should A superintendent is appointed, whose duty it be done for the protection of the interest of is to visit the sufferer from time to time and the party to be interdicted.

make a report of his condition to the court. During the pendency of the proceedings, Besides, the judge of the court is bound to the court will appoint a provisional adminis- visit him. Nor can he be taken out of the trator if, in its discretion, such an appoint- state, except on the recommendation of a ment is deemed necessary.

family meeting, based on the certificate of at Immediately after the interdiction has been least two physicians, that they consider his decreed, the court proceeds to appoint a removal necessary for the restoration of his curator or permanent administrator to take health. care of the person and to administer the estate The foregoing rules on the subject of interof the interdicted party. In the appointment diction, found in the law of Louisiana, are of the curator, the nearest male relation is substantially the same in all the modern codes entitled to the preference, and is compelled baving the civil law for their basis. to accept the trust, unless he offers a legal When the wife is interdicted, the interest in the term. The demise of a term

INTERESSE TERMINI (Lat.). An husband is entitled to the curatorship; but a in land does not vest any estate in the lessee, curator ad litem is appointed to act for her in but gives him a mere right or entry on the suits where her interest comes in conflict with that of the husband. The wife has also the land, which right is called his interest in the

See Co. Litt. 46; right of claiming the curatorship of her hus- term, or interesse termini. band who has been interdicted. Neither the 2 Bla. Com. 144; 10 Viner, Abr. 348; husband nor the wife is required to give Washb. R. P. Index.

Dane, Abr. Index; Watk. Conv. 15; 1 security ; but a tacit mortgage exists on their property to secure the faithful execution of INTEREST (Lat. it concerns; it is of the trust. A judicial inventory is taken of advantage). all the property belonging to the interdicted In contracts. The right of property person, which must be homologated and ap- which a man has in a thing. See INSURABLE proved by the court, and forms a part of the INTEREST. record of the proceedings.

excuse.

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do so.

On Debts. The compensation which is agreed upon ; i Dall. 265; 2 Wend. 501 ; 4
paid by the borrower of money to the lender Cow. 496 ; 5 id. 187; 6 id. 193 ; 5 Vt. 177 ;
for its use, and, generally, by a debtor to his 1 Speers, 209; 1 Rice, 21 ; 2 Blackf. 313 ;
creditor in recompense for his detention of the 1 Bibb, 443; 20 Ark. 410. On the arrears
debt.

of an annuity secured by a specialty ; 14
Legal interest is the rate of interest estab- Viner, Abr. 458, pl. 8; 3 Åtk. 579 ; 9 Watts,
lished by the law of the country, and which 530; or given in lieu of dower; i Harr.
will prevail in the absence of express stipula- Del. 106; 3 W. & S. 437. On bills and
tion; conventional interest is a certain rate notes. If payable at a future day certain,
agreed upon by the parties; 2 Cal. 568. after due; 3 D. & B. 70; 5 Humphr. 406;

Who is bound to pay interest. The con- 19 Ark. 690; 13 Mo. 252 ; if payable on de-
tractor who has expressly or impliedly under-mand, after a demand made ; Bunb. 119; 6
taken to pay interest is, of course, bound to Mod. 138; 1 Stra. 649; 2 Ld. Raym. 733; 2

Bur. 1081 ; 5 Ves. 133; 15 S. & R. 264; 1
Executors; 12 Conn. 350 ; 7 S. & R. 264; M'Cord, 370; 6 Dana, 70; 1 Hempst. 155 ;
administrators; 4 Gill & J. 453; 35 Miss. 18 Ala. n. s. 300. See 4 Ark. 210. Where
321 ; assignees of bankrupts or insolvents ; the terms of a promissory note are that it
2 W. & S. 557; guardians ; 29 Ga. 82; 14 shall be payable by instalments

, and on the
La. An. 764; and trustees ; 1 Pick. 528; 10 failure of any instalment the whole is to be-
Gill & J. 175; 15 Md. 75; 29 Ga. 82; 61 id. come due, interest on the whole becomes
564; 11 Cal. 71; who have kept money an payable from the first default ; 4 Esp. 147.
unreasonable length of time; 18 Pick. i; 1 Where, by the terms of a bond or a promis-
Ashm. 305; 29 Ga. 82; and have made or sory note, interest is to be paid annually, and
might have made it productive; 4 Gill & J. the principal at a distant day, the interest
453 ; 1 Pick. 530; 3 Woods, 542; id. 724; may be recovered before the principal is due;
Myrick, 8; id. 168; are chargeable with in- 1 Binn. 165; 2 Mass. 568; 3 id. 221. See
terest.

2 Parsons, Notes & B. 391 et seq.
Tenants for life must pay interest on in- On a deposit by a purchaser, which he is
cumbrances on the estate; 4 Ves. 33; 1 entitled to recover back, paid either to a
Vern. 404, n.; 1 Washb. R. P. 96, 257, principal or an auctioneer; Sugd. Vend.
573 ; Story, Eq. Jur. § 487; 5 Johns. Ch. 327; 3 Campb. 258 ; 5 Taunt. 625.

But see
482. Where interest is reserved by contract, 4 Taunt. 334, 341. For gooils sold and
a mere readiness to pay will not relieve the delivered, after the customary or stipulated
debtor from liability therefor; 24 Penn. 110. term of credit has expired ; Dougl. 376 ; 2

Who are entitled to receive interest. The B. & P. 337; 2 Dall. 193 ; 4 id. 289; 6 Binn.
lender upon an express or implied contract 162; 11 Ala. 451 ; 1 McLean, 411; 12 N. H.
for interest. Executors, administrators, etc. 474; 26 Ga. 465; 8 Iowa, 163.

On judg-
are in some cases allowed interest for ad- ment debts ; 14 Viner, Abr. 458, pl. 15; 4
vances made by them on account of the es- Dall. 251; 2 Ves. 162; 5 Binn. 61; 1 H. &
tates under their charge; 10 Pick. 77; 6 J. 754 ; 3 Wend. 496 ; 4 Metc. 317; 6 Halst.
Halst. Ch. 44. See Mass. 37. The rule 91 ; 3 Mo. 86 ; 4 J.J. Marsh. 244; T. U. P.
has been extended to trustees ; 1 Binn. 488; Charlt. 138. See 3 M'Cord, 166 ; 1 III. 52;
and compound interest, even, allowed them; 14 Mass. 239. On judgments affirmeil in a
16 Mass. 228.

higher court; 2 Burr. 1097; 2 Stra. 931;
On what claims allowed. On express con- 4 Burr. 2128; Dougl. 752, n. 3; 2 H. Bla.
tracts. When the debtor expressly under- 267, 284; 2 Campb. 428, n. ; 3 Taunt. 503 ;
takes to pay interest, he or his personal repre- 4 id. 30. See 3 Hill

, N. Y. 426. On money
sentatives having assets are bound to pay it. obtained by fraud, or where it has been
But if a party has accepted the principal, it wrongfully detained ; 9 Mass. 504; Campb.
has been determined that he cannot recover 129; 3 Cow. 426. On money paid by mis-
interest in a separate action; 1 Esp. N. P. take, or recovered on a voil execution ; 1
110; 3 Johns. 220. See 1 Campb. 50 ; 1 Pick. 212; 4 Metc. Mass. 181; 1 W. & S.
Dall. 315; Stark. Ev. pt. iv. 787; 45 Me. 235; 9 S. & R. 409; 3 Sumn. 336. On
542; 9 Ohio St. 452.

money lent or laid out for another's use;
On implied contracts where, from the course Bunb. 119; 2 W. Bla. 761; 1 Ves. 63;
of dealings between the parties, a promise to 1 Binn. 488; 6 id. 163; 1 Dall. 349; 2 Hen.
pay is implied ; i Campb. 50 ; 3 Brown, Ch. & M. 381; 1 Hayw. 4; 9 Johns. 71 ; 2 Wend.
436 ; Kirb. 207; 2 Wend. 501; 4 id. 483 ; 413 ; 1 Conn. 32; 7 Mass. 14; 11 id. 504 ;
33 Ala. N. s. 459; 8 Iowa, 163. On account 1 Mo. 718; 2 Mete. Mass. 168.
stated, or other liquidated sum, whenever the had and received after demand ; 1 Ala. n. s.
debtor knows precisely what he is to pay and 452; 4 Blackf. 21, 164. On purchase-
when he is to pay it; 2 W. Blackst. 761; money which has lain dead, where the vendor
Wils. 205 ; 2 Ves. 365; 8 Brown, P. C. 561; cannot make a title ; Sugd. Vend. 327. On
2 Burr. 1085; 5 Esp. 114; 1 Hayw. 173 ; 2 purchase-money remaining in purchaser's
Cox, 219; 20 N. Y. 463 ; 13 Ind. 475; 8 hands to pay off incumbrances; 1 Sch. & L.
Fla. 161. But interest is not due for unliqui- 134. See 1 Wash. Va. 125; 5 Munf. 342;
dated damages, or on a running account where 6 Binn. 435. Rent in arrear due by cove-
the items are all on one side, unless otherwise nant bears interest, unless under specila

On money
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circumstances, which may be recovered in Ves. 546 ; 12 id. 3; 15 id. 301 ; 1 Cox, Ch. action; 6 Binn. 159; but no distress can be 133; are, therefore, not entitled to interest made for such interest; 2 Binn. 246. Interest by way of maintenance. Nor is a legitimate cannot, however, be recovered for arrears of child entitled to such interest if he have a rent payable in wheat; 1 Johns. 276. See 2 maintenance, although it may be less than the Call, 249, 253 ; 3 Hen. & M. 463 ; 4 id. amount of the interest of the legacy; 1 Sch. 470 ; 5 Munf. 21.

& L. 5; 3 Ves. 17. But see 4 Johns. Ch. On legacies. On specific legacies interest 103 ; 2 Roper, Leg. 202. is to be calculated from the date of the death Where an intention, though not expressed, of testator; 2 Ves. Sen. 563 ; 5 W. & S. is fairly inferable from the will, interest will 30; 3 Munf. 10.

be allowed ; 1 Swanst. 561, 1. A general legacy, when the time of pay- Interest is not allowed for maintenance, ment is not named by the testator, is not pay- although given by immediate bequest for able till the end of one year after testator's maintenance, if the parent of the legatee, who death, at which time the interest commences is under moral obligation to provide for him, to run; 1 Ves. 308, 366 ; 13 id. 333 ; 1 Sch. be of sufficient ability: so that the interest & L. 10; 5 Binn. 475; 3 V. & B. 183. But will accumulate for the child's benefit until where only the interest is given, no payment the principal becomes payable ; 3 Atk. 399; will be due till the end of the second year, 1 Brown, Ch. 386 ; 3 id. 60, 416. But to when the interest will begin to run; 7 Ves. 89. this rule there are some exceptions; 3 V'es.

Where a general legacy is given, and the 730; 4 Brown, Ch. 223 ; 4 Madd. 275, 289; time of payment is named by the testator, 4 Ves. 498. interest is not allowed before the arrival of the Where a fund, particular or residuary, is appointed period of payment, and that not- given upon a contingency, the intermediate withstanding the legacies are vested; Prec. in interest undisposed of-that is to say, the Ch. 337. But when that period arrives the intermediate interest between the testator's legatee will be entitled although the legacy be death, if there be no previous legatee for life, charged upon a dry reversion ; 2 Atk. 108. or, if there be, between the death of the See, also, 3 Atk. 101; 3 Ves. 10; 4 id. 1; 4 previous taker and the happening of the conBrown, Ch. 149, n.; 1 Cox, Ch. 133. When tingency-will sink into the residue for the a legacy is given payable at a future day with benefit of the next of kin, or executor of the interest, and the legatee dies before it becomes testator, if not bequeathed by him ; but if not payable, the arrears of the interest up to the disposed of, for the benefit of his residuary time of his death must be paid to his personal legatee; 1 Brown, Ch. 57; 4 id. 114; 2 Atk. representatives; McClel. 141. And a bequest 329. of a sum to be paid annually for life bears Where a legacy is given by immediate beinterest from the death of testator; 5 Binn. 475. quest, whether such legacy be particular or

Where the legatee is a child of the testator, residuary, and there is a condition to direst or one towards whom he has placed himself in it upon the death of the lagatee under twentyloco parentis, the legacy bears interest from one, or upon the bappening of some other the testator's death, whether it be particular event, with a limitation over, and the legatee or residuary, vested but payable at a future dies before twenty-one, or before such other time, or contingent if the child have no main- event happens, which nevertheless does take tenance. In that case the court will do what place, yet, as the legacy was payable at the in common presumption the father would have end of the year after the testator's death, the done,-provide necessaries for the child; 2 legatee's representatives, and not the legatee P. Wms. 31; 3 Ves. 13, 287; Bacon, Abr. over, will be entitled to the interest which acLegacies (K 3); Fonbl. Eq. 431, n. j; 1 Eq. crued during the legatee's life, until the hapCas. Abr. 301, pl. 3; 3 Atk. 432; 1 Dick. pening of the event which was to divest the Ch. 310; 2 Brown, Ch. 59; 2 Rand. 409. legacy; 1 P. Wms. 500; 2 id. 504; Ambl. In case of a child in ventre sa mère at the 448; 5 Ves. 335, 522. time of the father's decease, interest is allowed Where a residue is given, so as to be vested only from its birth; 2 Cox, Ch. 425. Where but not payable at the end of the year

from maintenance or interest is given by the will, the testator's death, but upon the legatee's and the rate specified, the legatee will not, in attaining twenty-one, or upon any other congeneral, be entitled to claim more than the tingency, and with a bequest over divesting maintenance or rate specified; Atk. 697, the legacy, upon the legatee's dying under 716 ; 3 Ves. 286, n. And see, further, as to age, or upon the happening of the contininterest in cases of legacies to children; 15 gency, then the legatee's representatives in Ves. 363; 1 Brown, Ch. 267; 4 Madd. 275; the former case, and the legatee himself in 1 Swanst. 553 ; 1 P. Wms. 783; i Vern. the latter, shall be entitled to the interest 251 ; 3 V. & B. 183.

that became due during the legatee's life or Interest is not allowed by way of mainte- until the happening of the contingency; 2 P. nance to any other person than the legitimate Wms. 419; i Brown, Ch. 81, 335; 3 Mer. children of the testator; 3 Ves. 10; 4 id. 335. 1; unless the testator has put himself in loco Where a residue of personal estate is given, parentis ; 1 Sch. & L. 5, 6. A wife; 15 Ves. generally, to one for life with remainder over, 301; a niece; 3 Ves. 10; a grandchild; 6 and no mention is made by the testator re.

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specting the interest, nor any intention to the and payments exceeding that amount were contrary to be collected from the will, the applied to the extinguishment of the princirule appears to be now settled that the person pal; Ridley's Views of the Civil, etc., Law, taking for life is entitled to interest from the 84 ; Authentics, 9th Coll. death of the testator, on such part of the resi- Where a partner has overdrawn the partdue bearing interest as is not necessary for nership funds, and refuses, when called upon the payment of debts. And it is immaterial to account, to disclose the profits, recourse whether the residue is only given generally, would be had to compound interest as a subor directed to be laid out, with all convenient stitute for the profits he might reasonably be speed, in funds or securities, or to be laid supposed to have made; 2 Johns. Ch. 213. out in lands. See 6 Ves. 520; 9 id. 89, 549, When executors, administrators, or trustees 553.

convert the trust-money to their own use, or But where a residue is directed to be laid employ it in business or trade, or fail to inout in land, to be settled on one for life, with vest, they are chargeable with compound inthe remainder over, and the testator directs terest; i Pick. 528; 1 Johns. Ch. 620. the interest to accummulate in the mean time In an action to recover the annual interest until the money is laid out in land, or other- due on a promissory note, interest will be alwise invested on security, the accumulation lowed on each year's interest until paid ; ? shall cease at the end of one year from the Mass. 568; 8 id. 445; 1 N. H. 179 ; 16 Vt. testator's death, and from that period the 45; 9 Dana, 331 ; 2 N. & McC. 38; 10 Am. tenant for life shall be entitled to the interest; Dec. 560; 69 N. C. 89; 26 Ohio St. 59; 6 Ves. 520, 528, 529; 7 id. 95; 2 S. & S. 61 Ga. 275 ; 34 Am. Rep. 101; contra, 8 396.

Mass. 455; 2 Cush. 92; 1 Binn. 152, 165; Where no time of payment is mentioned 5 Penn. 98; 67 N. Y. 162. A note which by the testator, annuities are considered as provides for a conventional rate of interest, commencing from the death of the testator; but omits to provide for the rate of interest and, consequently, the first payment will be after maturity, draws the legal rate; 22 How. due at the end of the year from that event: 118; 100 U. S. 72; 68 Ind. 202; 42 L. J. if, therefore, it be not made then, interest, in Rep. (n. s.) 666 ; but a different view has those cases wherein it is allowed at all, must been held ; 112 Mass. 63 ; 12 Vroom, 349; be computed from that period ; 5 Binn. 475. 23 Alb. L. J. 130. See, as to charging comSee 6 Mass. 37; 1 Hare & W. Lead. Cas. pound interest, 1 Johns. Ch. 550 ; Cam. & 356.

N. 361; 1 Binn. 165; i Hen. & M. 4; 3 How much interest is to be allowed. As to id. 89; i Viner, Abr. 457, Interest (C); time. In actions for money had and received, Comyns, Dig. Chancery (3 S 3); 1 Hare & interest is allowed from the date of service of W. Lead. Cas. 371. An infant's contract to the writ; 1 Mass. 436 ; 15 Pick. 500; 12 pay interest on interest after it has accrued N. H. 474 ; see 100 U. S. 119. On debts will be binding upon him when the contract payable on demand, interest is payable only is for his benefit; 1 Eq. Cas. Abr. 286; 1 from the demand ; Add. 137; 15 Pick. 500 ; Atk. 489; 3 id. 613. 5 Conn. 222; 1 Mas. 117. See 12 Mass. 4. As limited by the penalty of a bond. It is The words “ with interest for the same” a general rule that the penalty of a bond limcarry interest from date; Add. 323, 324; its the amount of the recovery ; 2 Term, 388. 1 Stark. 452, 507.

But in some cases the interest is recoverable The mere circumstance of war existing be- beyond the amount of the penalty ; 4 Cra. tween two nations is not a sufficient reason 333 ; 15 Wend. 76 ; 10 Conn. 95; Paine, for abating interest on debts due by the sub- 661 ; 6 Me. 14; 8 N. H. 491. The recovery jects of one belligerent to another; 1 Pet. C. depends on principles of law, and not on the C. 524 ; 4 H. & McH. 161. But a prohibi- arbitrary discretion of a jury; 3 Caines, 49. tion of all intercourse with an enemy during The exceptions are—where the bond is to war furnishes a sound reason for the abate- account for moneys to be received ; 2 Term, ment of interest until the return of peace; 388; where the plaintiff is kept out of his 2 Dall. 102, 132; 4 id. 286; 1 Wash. Va. money by writs of error; 2 Burr. 1094; or 172; 1 Call, 194; 3 Wash. C. C. 396 ; 8 S. delayed by injunction; 1 Vern. 349 ; 16 & R. 103 ; 62 Ala. 58. See INFRA. Viner, Abr. 303; if the recovery of the debt

A debt barred by the statute of limitations be delayed by the obligor; 6 Ves. 92; 1 and revived by an acknowledgment bears in- Vern. 349; Show. P. C. 15; if extraorditerest for the whole time; 16 V't. 297. nary emoluments are derived from holding

As to the allowance of simple and com- the money; 2 Bro. P. C. 251; or the bond is pound interest. Interest upon interest is not taken only as a collateral security; 2 Bro. P. allowed, except in special cases ; 1 Eq. Cas. C. 333 ; or the action be on a judgment reAbr. 287; Fonbl. Eq. b. 1, c. 2, § 4, note covered on a bond; 1 East, 436. See, also, a; 31 Vt. 679; 34 Penn. 210; and the uni- 4 Day, 30; 3 Caines, 49; 1 Taunt. 218; 1 form current of decisions is against it, as be- Mass. 308; Comyns, Dig. Chancery (3 S 2); ing a hard, oppressive exaction, and tending Viner, Abr. Interest (E). to usury; 1 Johns. Ch. 14; Cam. & N. 361; But these exceptions do not obtain in the 13 Vt. 430. By the civil law, interest could administration of the debtor's assets where not be demanded beyond the principal sum, his other creditors might be injured by allow

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part

ing the bond to be rated beyond the penalty; Whenever the law prohibits the payment 5 Ves. 329. See Viner, Abr. Interest (C5). of the principal, interest during the prohibi

As to the allowance of foreign interest. tion is not demandable; 2 Dall. 102; 1 Pet. The rate of interest of the place of perform-C. C. 524 ; 2 Dall. 132; 4 id. 286. ance is to be allowed, where such place is spe- If the plaintiff has accepted the principal, cified; 10 Wheat. 367; 4 Pet. 111; 20 he cannot recover the interest in a separate Johns. 102; 8 Pick. 194; 3 N. Y. 266 ; 12 action; 1 Esp. 110; 3 Johns. 229. See 14 La. An. 815; 1 B. Monr. 29; 2 W. & S. Wend. 116. 327; 23 Vt. 286; 21 Ga. 135; 22 Tex. 108; The rate of interest allowable has been fixed 7 Ired. 424; 5 C. & F. 1-12; otherwise, of in the various states and territories of the United the place of making the contract; 11 Ves. States, by statutory enactments, as follows :314; 2 Vern. 395; i Wash. C. C. 521 ; 2

Alabama. Eight per centum per annum is alid. 253; 4 id. 296; 3 Wheat. 101 ; 12 Mass. lowed. Notes not exceeding one dollar bear

interest at the rate of one hundred per centum 4; 1 J. J. Marsh. 406; 5 Ired. 590; 17 per annum. Contracts for more than the legal Johns. 511; 25 N. H. 474; 1 Ala. 387; 13 rate are void only as to the interest; and the La. 91 ; 25 H. & J. 193 ; 3 Conn. 253 ; 5 taking of usury does not affect the principal Tex. 87, 262. But the rate of interest of sum ; Code, ş 2088. either place may be reserved; and this provi

Arizona. Parties may agree in writing for sion will govern, if an honest transaction and any rate, and where there is no express agree not a cover for usury ; 2 Penn. 85; 14 Vt. at the rate of ten per cent. per annum on all

ment fixing a different rate, interest is allowed 33 ; 20 Mart. La. 1; 2 Johns. Cas. 355 ; 10 moneys after they become due, on any boud, Wheat. 367.

bill, promissory note, or other instrument in How computed. In casting interest on writing, on judgment of any court for the settlenotes, bonds, etc. upon which partial pay- ascertained, and for money received for the use

ment of accounts, from the day the balance was ments have been made, every payment is to

of another. be first applied to keep down the interest ;

Arkansas. Six per centum per annum is the but the interest is never allowed to form a legal rate of interest; but the parties may agree

of the principal so as to carry interest ; 2 in writing for the payment of interest not exceedWash. C. C. 167: 1 Halst. 408 ; 2 Hayw. 17; ing ten per centum per annum. Contracts 17 Mass. 417; 1 Dall. 378 ; 14 Conn. 445.

where a greater amo is reserved are declared When a partial payment exceeds the Const. 1874, art. xix. § 13.

to be void, both as to principal and interest ; amount of iterest due when it is made, it is

California. Seven per centum per annum is correct to compute the interest to the time of the legal rate; but parties may agree for any the first payment, add it to the principal, sub-rate; C. C. § 1916 et seq. tract the payment, cast interest on the remain- Colorado. Ten per centum per annum is the der to the time of the second payment, add legal rate; but any other rate may be agreed on. it to the remainder, and subtract the second settlement of an account, from day of liquida

There are no usury laws. On money due on payment, and in like manner from one pay- tion ; on money received for use of another and ment to another, until the time of judgment; retained without the owner's knowledge, and on 1 Pick. 194; 4 Hen. & M. 431 ; 8 S. & R. money withheld by an unreasonable and vexa458; 2 Wash. C. C. 167. See 3 id. 350, tious delay; also, on judgments and county 396 ; 3 Cow. 86.

orders, after presenting and registering ; state The same rule applies to judgments; 2 N. Warrants after registering; eight per cent. per H. 169; 8 S. & R. 452.

Connecticut. Six per centum per annum is the Where a partial payment is made before amount allowed by law. The penalty for usury the debt is due, it cannot be apportioned part was forfeiture of interest taken in excess of the to the debt and part to the interest. As, if legal rate to any one suing within a year, but there be a bond for one hundred dollars, pay, and, probably no one else can ; Public Acts

the borrower caunot now sustain such an action, able in one year, and at the expiration of

1877. six months fifty dollars be paid in, this pay- Dakota. The legal rate is six per centum per ment shall not be apportioned part to the annum; but parties may contract for a higher principal and part to the interest, but at the rate, pot to exceed twelve per cent. A person end of the year interest shall be charged on taking, receiving, retaiving, or contracting for the whole sum, and the obligor shall receive any higher rate forfeits all the interest so taken, credit for the interest of fifty dollars for six received, retained, or contracted for. Interest

on open accounts commences from time of last months; i Dall. 124.

item charged either debit or credit. Interest is When interest will be barred. When the payable in judgments recovered in the courts at money due is tendered to the person entitled the rate of seven per cent. ; C. C. §§ 1097-1101. to it, and he refused to receive it, the interest Delaware. The legal rate is six per centum ceases ; 3 Campb. 296. See 8 East, 168 ; legal rate shall forfeit a sum equal to the money

The person taking more than the 3 Binn. 295.

lent, one-half to any person suing for the same, Where the plaintiff was absent in foreign and one-half to the state. Rev. Code, c. 63, $$ parts beyond seas, evidence of that fact may 1-3. be given in evidence to the jury on the plea District of Columbia. On judgments or deof payment, in order to extinguish the in- crees, and loan or forbearance money, goods, or terest during such absence; i Call, 133; 3 things in action, where a different rate is not M'Cord, 340; 1 Root, 178. But see 9 S. & specified, six per cent. per annum is the legal

rate. Parties may stipulate in writing for rate R. 263.

of ten per cent. per annum or less. Agreement

annum.

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