Case Name: Freeland, Assignee vs. Edwards
Court: North Carolina Superior Court
Jurisdiction: North Carolina
Decision Date: 1798-04
Citations: 2 Hayw. 49
Docket Number: 
Parties: Freeland, Assignee vs. Edwards.
Judges: 
Reporter: North Carolina Reports
Volume: 3
Pages: 49–49

Head Matter:
Freeland, Assignee vs. Edwards.
DEBT upon bond, with a penalty, conditioned to pay without any time mentioned ; and the question was, from what time interest was to be calculated.

Opinion:
Haijtoood, Justice.
The rule is fixed, that bonds payable without any certain time mentioned, are payable itistanta, and bear interest immediately from the delivery.
Davie. — I wish we could have the reason upon which these determinations have been founded, that we plight examine theta and see whether they be good or not. A bond payable on demand, is payable immediately, and may be sued upon immediately, without any previous demand made for that purpose The same in the case with a bond payable on no certain day mentioned in the bond. I believe the British determinations have concurred with ours on this subject, bet really I can perceive no good reason for die distinction ; Our own act directs that bonds payable on demand shall bear interest from the demand ; by the came act. an account stated and signed, bears interest immediately from die signature.
Haywood, Justice. — The reason of the distinction is this ; in cane of a bond payable without saying when, the obligee has not to do any act either to entitle himself to the action, or to the interest ; in caso of a bond payable on demand, he undertakes to to make a demand/otherwise the words, on demand, have no meaning j and if a demand is to be made it is for some purpose % it is not to entitle himself to the action; therefore it must be to give a right to demand interest. The act of Assembly proceeds upon this very principle 5 it says a note payable on demand shall bear interest from a demand made. When speaking of an account signed, it sayo, interest shall accrue from the signature ; yet on both instances an action may be brought immediately without any formal demand ; but if we could not give the reason of the decision, yet we know the rule is so established 5 ife is therefore far better to make it the standard of our adjudications than to render the law again uncertain by departing"from it.
There was a judgment accordingly for interest from the date.