Bolstad v. Hovland

Action to recover interest paid on a mortgage note, alleged to be an increase in the rate after maturity; and to enjoin the enforcement of subsequent coupons. The defendant moved for judgment on the pleadings. The motion was granted, and judgment was entered. The plaintiff appeals from the judgment.

The statute, G. S. 1923 (2 Mason, 1927) § 7036, after fixing the legal rate of interest at six per cent and prescribing that the maximum rate shall be eight per cent, says this:

“In the computation of interest upon any bond, note, or other instrument or agreement interest shall not be compounded,…