White v. Haffaker
Illinois Supreme Court
Complainant filed his bill in the Circuit Court of Morgan county, stating that, 3rd June, 1854, he executed a deed to defendant, conveying certain lands, reserving vendor’s lien to secure certain notes for purchase money, to bear ten per cent, interest, if not paid at maturity—one for $3,900, to mature 1st September, 1854, and the other for $3,900, to mature 1st January, 1856—specifying that his wife was lunatic, and not capable of releasing tier dower, and that $2,600 of…
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Complainant filed his bill in the Circuit Court of Morgan county, stating that, 3rd June, 1854, he executed a deed to defendant, conveying certain lands, reserving vendor’s lien to secure certain notes for purchase money, to bear ten per cent, interest, if not paid at maturity—one for $3,900, to mature 1st September, 1854, and the other for $3,900, to mature 1st January, 1856—specifying that his wife was lunatic, and not capable of releasing tier dower, and that $2,600 of this last note was not to be paid, but was to be left outstanding, to secure the defendant against the dower right as long…
1Opinion of the CourtWalker, J.
The record in this case presents the question, whether a decree may draw a greater rate than six per cent, interest. If it may, it is not by virtue of the statute, as it has made no such provision, nor may the court fix any greater rate of interest in its decree. Interest is the creature of either contract or positive legal enactment. It does not exist at the common law, and in the absence of contract or enactment it cannot be recovered. In this case the rate, by the contract of the parties, in accordance with the statute, drew ten per cent, interest. But had a higher rate not been expressed,…
2Cited by11 opinions
- In re CowderyCalifornia Supreme Court · 1886
- Dinet v. EigenmannIllinois Supreme Court · 1875
- Wayman v. CochraneIllinois Supreme Court · 1864
- Wilhite v. PearceIllinois Supreme Court · 1868
- Beazley's Adm'r v. Sims' Adm'rSupreme Court of Virginia · 1886
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