Case ID: nc_2/html/0323-01.html
Source: Caselaw Access Project
Author: {"author": "Per curiam\n    ", "license": "Public Domain", "url": "https://static.case.law/"}
Date Created: 2024-08-24T03:29:51.129683

Bunn v. Moore’s Executors.
    This case, which had been reserved for the consideration of the court for three or four years last past, now came on to be decided. The court said it. was no longer necessary to keep this cause waiting for the opinion -of the court, as it. liad already been considered by the Judges and they had proceeded in consequence of that consideration, to direct in several cases which occurred within the present circuit, how interest should be calculated — that on the Western circuit last spring, Judge. Macay had concurred in giving such directions, or had given them himself. [ Gen Davie, at the bar, said Judge Macay had told him his pinion was as the directions had been given this circuit.] '
   Per curiam

The interest must he calculated by the following rule — it must be calculated upon the principal, from the time it commenced to the day of the first payment; if the payment was equal and no more than equal, to the interest then due, it must extinguish the interest; if it exceeded the interest, the balance, after extinguishing the interest, must be deducted from the principal; if the payment was less than the interest, then the balance of interest must remain until the next payment. Interest must then be calculated upon the principal remaining, to the time.of the tn-xt payment, which next payment must be applied in the first place, to the whole of the interest then due ; and so toties quoties — and in the present case, let the interest be calculated by this rule. And the Plaintiff han judgment. Vide 4 Term, 613.

Note. — Vide Anonymous, 2 Hay. 17. North & Prescott v. Mullett, ibid. 151. Yancy’s Admr. v. Mutter’s Ex’r. Conf. Rep. 513.