Peterborough Savings Bank v. Hodgdon
Supreme Court of New Hampshire
Assumpsit, on a promissory note for $1,300, dated September 15, 1871, signed and payable by the defendant to the plaintiffs or order, on demand, with interest semi-annually at eight per cent, per year, payable on the first days of January and July in each year. Plea, the general issue.
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Assumpsit, on a promissory note for $1,300, dated September 15, 1871, signed and payable by the defendant to the plaintiffs or order, on demand, with interest semi-annually at eight per cent, per year, payable on the first days of January and July in each year. Plea, the general issue. The cause was heard by a referee, who reported that there was due upon the note $1,126.38, also the following- facts: “In assessing plaintiffs’ damages, I have allowed interest at six per cent, semi-annually. From the date of said note, September 15, 1871, to January 1, 1880, defendant paid interest in advance…
1Opinion of the CourtClabk, J.
The payments indorsed on the note were made and received as payments of interest, and neither party intended that any part of the money paid should be applied upon the principal. The interest was paid in advance, although -the terms of the note did not require it; and the payment of $52 for each six months’ interest shows that it was the understanding of both parties, when the last payment was made, that the principal had not been reduced by the previous payments. Ordinarily a payment of an illegal claim, with full knowledge of its illegality, is irrevocable. Caldwell v. Wentworth, 14 N. H.…
2Cases cited3 opinions
- Phillips v. MosesSupreme Judicial Court of Maine · 1876
- Treadwell v. MooreSupreme Judicial Court of Maine · 1852
- Wells v. RobinsonSupreme Court of Vermont · 1880
3Cited by1 opinion
- Ashland Savings Bank v. BaileySupreme Court of New Hampshire · 1890