Rowe v. Schertz
Missouri Court of Appeals
Appeal from the Hannibal Court of Common Pleas. Hon. Beuben E. Boy, Judge. The note sued on is peculiarly worded and is a wide departure from the ordinary form of a compound interest note.
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Appeal from the Hannibal Court of Common Pleas. Hon. Beuben E. Boy, Judge. The note sued on is peculiarly worded and is a wide departure from the ordinary form of a compound interest note. It expressly provides that, “if the said interest be not paid annually, then it shall be annually added to and-become part of the principal of this note. ” Appellant contends that, upon a fair legal construction of this contract, on the default in the payment of the interest it became merged in and a part of the principal and was not due until the maturity of the note. As the pai’ties have constituted the…
1Opinion of the CourtBland, P. J.
*606„ *605— This suit was brought for one year’s accrued and overdue interest before a justice of the peace on the following promissory note:
“Hannibal, Mo., December 3, 1891.
“On or before twenty-two years after date, I promise to pay to the order of Joseph Rowe, at the Farmers & Merchants Bank, of Hannibal, Missouri, Fifteen hundred ($1,500) dollars, for value received, with interest thereon from date until paid at the rate of six per cent per annum. Said interest payable annually, and if the said interest be not paid annually, then it shall be annually added to and become a part of the principal of…
2Cases cited10 opinions
- Grubbs v. ConesSupreme Court of Missouri · 1874
- Bensley v. HaeberleMissouri Court of Appeals · 1886
- Baker v. HenrySupreme Court of Missouri · 1876
- Waples v. JonesSupreme Court of Missouri · 1876
- Smith v. ChapmanSupreme Court of Missouri · 1879
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3Cited by4 opinions
- Stauffer v. Northwestern Mutual Life InsuranceWashington Supreme Court · 1935
- Curry v. LaFonMissouri Court of Appeals · 1911
- Connors v. City of St. JosephSupreme Court of Missouri · 1911
- Norton v. GiffinMissouri Court of Appeals · 1926