Beckwith v. Trustees of the Hartford, Providence & Fishkill Railroad
Supreme Court of Connecticut
An amicable submission, upon an agreed statement of facts, reserved by the superior court for the advice of this court.' The plaintiff was the holder of eight bonds of the Hartford, Providence and Eishkill Railroad Company, for $1,000 each, with interest payable semi-annually at the rate of seven per cent per annum, all of which were over due.
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An amicable submission, upon an agreed statement of facts, reserved by the superior court for the advice of this court.' The plaintiff was the holder of eight bonds of the Hartford, Providence and Eishkill Railroad Company, for $1,000 each, with interest payable semi-annually at the rate of seven per cent per annum, all of which were over due. These bonds were a part of a large issue of bonds, authorized by an act of the legislature, and secured by a mortgage of the railroad of the company with its equipment and the franchises of the company. Since the issuing of the bonds the road had passed…
1Opinion of the CourtHinman, J.
We are of opinion that the plaintiff in this case is entitled to seven per cent per annum for the detention of his money after the principal became due. Technically speaking, it is no doubt true that the sum recoverable for such detention is treated.as damages for the breach of the contract, rather than interest for the money loaned, because, strictly speaking, interest can only be claimed under a contract to pay it, either express or implied, and the express contract of course ceased on the day when the principal was to be paid, and no implied contract can be raised from a total refusal to…
2Cited by14 opinions
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- In Re Connaught Properties, Inc.United States Bankruptcy Court, D. Connecticut · 1995
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