Case Name: Miller and others against Burroughs and others
Court: New York Court of Chancery
Jurisdiction: New York
Decision Date: 1820-06-22
Citations: 4 Johns. Ch. 436
Docket Number: 
Parties: Miller and others against Burroughs and others.
Judges: 
Reporter: Johnson's Chancery Reports
Volume: 4
Pages: 436–437

Head Matter:
Miller and others against Burroughs and others.
June 22d.
On a bond, conditioned to pay, with interest at six per cent., for the security of which a mortgage has been taken, the plaintiffs, after a forfeiture, am.not entitled to seven per cent., the lawful interest. But interest is to be paid according to the contract, until it ceases to operate, by being merged in the decree.
IN the bond, for which the mortgage in this case was taken as security, the interest was expressed to be at six per cent per annum. The day of payment having passed, the bond and mortgage became forfeited. The question was, whether the plaintiffs were not entitled to seven per cent, interest, being the lawful interest, from the time of the forfeiture.
Riker, for the plaintiffs, cited 2 Dess. Rep. (South Carolina,) 170.

Opinion:
Per Curiam.
Interest must be decreed according to the contract of the parties, until the contract ceases to operate, by being merged in the decree.
Six per cent, only, is, therefore, to be allowed up to the time of confirmation of the Master's report.