Court Opinion

ID: 9841645
Source: CourtListenerOpinion
Date Created: 2023-09-22 20:00:25.735784+00
Date Added: 2024-06-11T09:01:27.501090
License: Public Domain

Mr. Justice WAYNE,
concurred in the decision of the case, but said it appeared in the record that a different mode of computing interest had been pursued from that whic'n had been settled by this court. In- Livingston v. Story, 13 Peters, 371, the court said : — “The correct rule, in general, is, that the creditor shall calculate interest whenever a payment is made. To this interest the payment is first to be applied; and if it exceed the interest due, the balance is to be applied to diminish the principal. If the"payment fall short of the interest, the balance of interest is not to be added to the principal so as to. produce interest. • This rule is equally applicable, whether the debt be one which expressly draws *289interest, or on which interest is-given in the name of damages.” Nor is it to be considered, by any thing which the court has done upon the motion, that any sanction is given to any other mode of. computing interest.