Stoner v. Evans
Supreme Court of Missouri
Error to Iron Circuit Court. No party to an action can recover interest upon interest, or compound interest, without showing an agreement of the other party to that effect; neither the statutes of Missouri nor the common law allow compound interest upon any other terms than the contract and-consent of the parties.
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Error to Iron Circuit Court. No party to an action can recover interest upon interest, or compound interest, without showing an agreement of the other party to that effect; neither the statutes of Missouri nor the common law allow compound interest upon any other terms than the contract and-consent of the parties. The stipulation in the note making the interest payable annually, can upon no rational view or construction amount to an agreement, that, in default of such annual payment, the accrued interest was to become principal and bear interest at the same rate as the principal, or any other…
1Opinion of the CourtWagner, Judge
Plaintiff sued the defendants oh the following promissory note: — “ Iron Mountain, November 4, 1857. Five years after date, we, or either of us, promise to pay to the order of Pate Buford, five thousand five hundred dollars, for value received, with interest at the rate of ten per cent, per annum from date; interest payable annually. — JamesS. Evans, Milton P. Boyce, P. G. Long, David Evans.” The note was assigned by Buford to plaintiff.
There was but one point presented in the court below, and it is the only point relied on here: that as the interest was payable annually, if not promptly paid…
2Cited by11 opinions
- Nika Corp. v. City of Kansas City, Mo.District Court, W.D. Missouri · 1984
- State Ex Rel. Northwestern Mutual Life Insurance v. BlandSupreme Court of Missouri · 1945
- St. Louis Gas-Light Co. v. City of St. LouisMissouri Court of Appeals · 1881
- Stark Bros. v. GoodingMissouri Court of Appeals · 1914
- Sloan v. ParisMissouri Court of Appeals · 1976
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