Dunlap v. of Wiseman
Ohio Superior Court, Cincinnati
Special Term. — This is an action by Thomas Dunlap and others to foreclose a mortgage given by John A. Wiseman. Charles Stewart and Thomas Webb, executors, etc., of John Walker, deceased, are made parties, and they set up in their answer a mortgage on the same premises, from Wiseman to Walker.
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Special Term. — This is an action by Thomas Dunlap and others to foreclose a mortgage given by John A. Wiseman. Charles Stewart and Thomas Webb, executors, etc., of John Walker, deceased, are made parties, and they set up in their answer a mortgage on the same premises, from Wiseman to Walker. The question in the case is whether interest shall be allowed, and what shall be the rate of interest upon interest as it matured, on a promissory note, which reads as follows : “ $1,500. Cincinnati, April 14,1853. “ On or before the 14th day of Api’il, 1856, for value received, I promise to pay John…
1Opinion of the CourtSpencer, J.
It has been decided in the case of Watkinson v. Root, 4 Ohio, 373, that on a note drawn in this way, the interest would be allowed on the interest, as it matured from time to time; that was an action brought for the recovery of the interest alone, the principal not having yet become due, and it was held that where a note was drawn in that way, the interest, when it should be paid, becomes principal, and draws interest.
The present case falls within this ruling. The plaintiffs are entitled to interest on these installments of interest, as they matured, at the end of every six months. But where…
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