Williams v. Houghtaling
New York Supreme Court
Covenant on the assignment of a bond executed by Whig ton Thompson, to the defendants, and by the latter' ass>gned to the plaintiffs, with a covenant that $ 1308 18' principal and interest, besides costs, were due at the dme* 7 °f the assignment,. which- was dated the Jd day of Nuvem^er' The bond assigned was daied March 31, 1803. The condition was, that if the-obligors should pay to the ob%ees $4250 ; viz.
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Covenant on the assignment of a bond executed by Whig ton Thompson, to the defendants, and by the latter' ass>gned to the plaintiffs, with a covenant that $ 1308 18' principal and interest, besides costs, were due at the dme* 7 °f the assignment,. which- was dated the Jd day of Nuvem^er' The bond assigned was daied March 31, 1803. The condition was, that if the-obligors should pay to the ob%ees $4250 ; viz. “ $750 on-or before the 1st day of May, 1804 ; $875 on or before the 1st day of May, 1805 , _ , _ _ __ „ @3.-5 oq or before the 1st day of Muy, 1806 ; §875 on or before the 1st day oí May,…
1Opinion of the Court
Curia.
When, according to the terms of a bond payable by instalments, interest cannot be demanded till the principal is payable (as in this case) payments made on an instalment not due and payable, should be applied to the extinguishment of principal, and such proportion of interest as has accrued on the principal so extinguished. For instance, an instalment on a bond of $500 is due on the I st January, 1825, with interest from the 1 st Januany, 1824; on ¡be 1 si July, 1824, the obligor pays $207 : the $7 should be applied to pay the 6 months interest accrued on $200, and the $200 extinguishes…
2Cases cited1 opinion
- Tillotson v. PrestonNew York Supreme Court · 1808
3Cited by11 opinions
- Havens v. . PattersonNew York Court of Appeals · 1870
- In re Estate of DenCalifornia Supreme Court · 1868
- Jacobs v. BallengerIndiana Supreme Court · 1892
- Bathgate v. HaskinNew York Court of Common Pleas · 1874
- Peyser v. MyersNew York Supreme Court · 1892
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