Digest of Legal Opinions of Thomas B. Paton, General Counsel of the American Bankers Association, 1908-1921, With An Index And Legal Citations
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437. Hoopes V. CoUingwood, 10 Colo. 107. {Inquiry from Pa., Oct., 1912, Jl.) Collection annually and at maturity Three year note "with interest at 6% per annum" 2027. A three year note conains a pro- vision "with interest from date at the rate of six per cent, per annum." Opinion: 464 INTEREST AND USURY [2028-2033 The interest is not collectible annually, as no part of the interest is due until maturity of the principal. The words "payable annual- ly" should be added to make the interest col- l...ectible annually. Ramsdell v. Hulett, 50 Kan. 440. (Inquiry from Kan., April, 1914, Jl.) Long term notes with interest at stated rate per annum 2028. A five year note provides "with interest at the rate of seven per cent, per annum from date until paid." Opinion: Interest is not collectible annually, as no part of the interest is due until maturity of the principal. See citation of cases in following opinion. {Inquiry from Kan., Sept., 1909, Jl.) 2029. A three years' note contains a provision "with interest at the rate of eight per cent, per annum from date until paid." It further provides "interest to become as principal when due and bear the same rate of interest." Opinion: The provision does not call for interest payable annually but only at maturity of principal and therefore there can be no compounding of unpaid interest.
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To quickly assess the difficulty of the text, read a short excerpt:
437. Hoopes V. CoUingwood, 10 Colo. 107. {Inquiry from Pa., Oct., 1912, Jl.) Collection annually and at maturity Three year note "with interest at 6% per annum" 2027. A three year note conains a pro- vision "with interest from date at the rate of six per cent, per annum." Opinion: 464 INTEREST AND USURY [2028-2033 The interest is not collectible annually, as no part of the interest is due until maturity of the principal. The words "payable annual- ly" should be added to make the interest col- l...ectible annually. Ramsdell v. Hulett, 50 Kan. 440. (Inquiry from Kan., April, 1914, Jl.) Long term notes with interest at stated rate per annum 2028. A five year note provides "with interest at the rate of seven per cent, per annum from date until paid." Opinion: Interest is not collectible annually, as no part of the interest is due until maturity of the principal. See citation of cases in following opinion. {Inquiry from Kan., Sept., 1909, Jl.) 2029. A three years' note contains a provision "with interest at the rate of eight per cent, per annum from date until paid." It further provides "interest to become as principal when due and bear the same rate of interest." Opinion: The provision does not call for interest payable annually but only at maturity of principal and therefore there can be no compounding of unpaid interest.
What to read after Digest of Legal Opinions of Thomas B. Paton, General Counsel of the American Bankers Association, 1908-1921, With An Index And Legal Citations?
You can find similar books in the "Read Also" column, or choose other free books by American Bankers Association to read onlineMoreLess
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