Case ID: ohio-law-abs_3/html/0130-03.html
Source: Caselaw Access Project
Author: {"author": "ALLEN, J.", "license": "Public Domain", "url": "https://static.case.law/"}
Date Created: 2024-08-24T03:29:51.129683

No. 18398
    Claude A. Carr v. The Doan Savings & Loan Company, a corporation.
    Error to the Court of Appeals of Cuyahoga County.
    651. INTEREST—1. Computed from date of note when nothing as to stated therein.
    2. Due to money lender who sets sum aside to be paid borrower in installments.
    287. CONSIDERATION—Withholding of money constitutes a valuable one.
   ALLEN, J.

17. Where a written instrument is payable at a future day, with interest, and nothing is stated therein as to the commencement of the interest period, the interest is computed from the date of the instrument.

2. When one contracts to loan money to another for use in building contracts, and sets aside the money in readiness to be paid the borrower in installments as the building progresses, the withholding of the money from use constitutes a valuable consideration and the lender is entitled to interest according to the terms of the contract until such time as the borrower notifies the lender that he will not use the money.

Judgment affirmed.

Marshall, C. J., Jones, Matthias, Day, Kin-kade and Robinson, JJ., concur.