Spires v. Hamot
Supreme Court of Pennsylvania
ERROR to the District Court of Erie county. John Spires against P. S. V. Hamot. This was an action of debt upon a bond dated the 26th February 1836, in the penalty of $28,000, conditioned for the payment of $14,500 “ on or before the 26th February 1846, with the lawful interest, the first interest payment becoming due on the 26th Febxuxary next.”
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ERROR to the District Court of Erie county. John Spires against P. S. V. Hamot. This was an action of debt upon a bond dated the 26th February 1836, in the penalty of $28,000, conditioned for the payment of $14,500 “ on or before the 26th February 1846, with the lawful interest, the first interest payment becoming due on the 26th Febxuxary next.” In 1 his suit the plaintiff claimed to recover the interest which became due on the 26th February 1841, and the 26th February 1842. It appeared that the interest had been paid annually up to the 26th February 1840, and on the 3d July 1840 the…
1Per curiam
Tracy v. Wicoff has long since ceased to be authority. It has been directly overruled in Primrose v. Hart, (1 Dall. 378); The Commonwealth v. Miller, (8 Serg. & Rawle 458); and Smith v. Shaw, (2 Wash. C. C. R. 167), in accordance with all the English decisions since Chase v. Box, (2 Freem. 261), which was the first of them, and decided in 1702.
The truth is, Tracy v. Wicoff is as unfounded in principle as it is in authority; for, calculating interest oh payments, the debt would, in course of time, be discharged, both principal and interest, by payment of interest only. The rule established by…
2Cases cited2 opinions
- Commonwealth ex rel. Bellas v. VandersliceSupreme Court of Pennsylvania · 1822
- Penrose v. Hart, Pennsylvania Court of Common Pleas, Philadelphia County1788
3Cited by7 opinions
- Kann v. KannSupreme Court of Pennsylvania · 1918
- Cusati Et Ux. v. DellisantiSuperior Court of Pennsylvania · 1943
- Buck v. Mutual Building & Loan Ass'nSuperior Court of Pennsylvania · 1912
- Jacobs v. BallengerIndiana Supreme Court · 1892
- Appeal of BellSupreme Court of Pennsylvania · 1887
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