135 Pa. 173 | Pa. | 1890
It appears by the case stated that the promissory note in controversy was made and delivered in the state of Iowa. It was therefore an Iowa contract. It is true it was not made payable at any particular place; but, in the absence of any such stipulation, it was payable at the place where made. This is a well-settled rule of commercial law. It also appears by the case stated that the rate of interest, 10 per cent, called for by the note, is lawful by the laws of that state. Under these circumstances it is plain that the lex loci contractus must govern, and the rate of interest is to be determined by the law of the place where the contract was to be executed.
An indorser is liable for interest on a protested bill of exchange according to the law of the place on which it is drawn: Mullen v. Morris, 2 Pa. 85. When a promissory note is made payable at a particular place, interest is allowed according to the law of the place appointed for payment: Wood v.
Judgment affirmed.