Cox v. Smith
Nevada Supreme Court
Appeal from tbe District Court of the Second Judicial District of the State of Nevada, Ormsby County, Hon. S. H. "Weight presiding. The facts are stated in the opinion. Points and authorities of Cox’s counsel: First — Any rate of interest the parties may agree on in writing is lawful. (Statutes of 1861, p. 100.) ■ There being no legal restriction on contracts for interest, contracts for compound interest must be lawful.
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Appeal from tbe District Court of the Second Judicial District of the State of Nevada, Ormsby County, Hon. S. H. "Weight presiding. The facts are stated in the opinion. Points and authorities of Cox’s counsel: First — Any rate of interest the parties may agree on in writing is lawful. (Statutes of 1861, p. 100.) ■ There being no legal restriction on contracts for interest, contracts for compound interest must be lawful. (2 Parsons on 0. 384-5.) ' Such contracts are not against public policy. (Chitty on Contracts, 9th Am. edition, 671; 4 Bouvier, 177.) - The statute forbidding compound…
1Concurrence
Opinion by
Beatty, J.,
full Bench concurring.
In August, 1863, Robert Logan and Wellington Stewart executed to plaintiff the following note:
“ $2,500. OabsoN-City, Nevada TebritoRY, )
August 25, 1863. j
“Eor value received, we, or either of us,'promise to pay E. B. Cox or order, in twelve months from date, without grace, the sum of twenty-five hundred dollars ($2,500), with interest thereon, at the rate of six (6) per cent, per month, payable monthly in advance, on that day of each’" and every month *165corresponding with the date of this-obligation until paid; and if any part of the interest herein…
2Cases cited2 opinions
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