64 Pa. 411 | Pa. | 1870
The opinion of the court was delivered,
— We think the true interpretation of the agreement set forth in the case stated, leads to a different result from that arrived at in the court below.
A plain reading of its terms in regard to the payment of the purchase-money, seems to be all that is needed to show that the claim of the plaintiff for interest is unsupported.
The purchase-money was to be $25,000; besides3the down payment or hand-money, $5000 was to be paid on the 1st of April (ensuing the date of the articles); $4000 on or before the 1st of October 1868, the balance to remain on mortgage payable in five equal instalments: the first on the 1st of October 1869; the second on the 1st of October 1870; and to continue until all are paid, “together with interest on all moneys remaining unpaid.”
It is morally certain that nothing was expected to remain un
Interest, as a general, I might say, universal rule, is never demandahle until money is due. “ It is,” say the books, “ compensation allowed to the creditor for delay of payment by the debtor.”
It is completely due, wherever a liquidated sum of money is unjustly withheld. It is a legal and uniform rate of damages allowed, in the absence of any express contract, when payment is withheld, after it has become the duty of the debtor to discharge the debt : Kelsey v. Murphy, 6 Casey 340. There was no express contract for the payment of interest up'to the 1st of October 1868. That is certain. Where is the principle that implies it ? There was no debt due at that time bearing interest, and no overdue debt existed. It was a mistake to imply it from possession of the property by the vendee, when no money was due or withheld.
There is a class of cases where interest is always charged on money due, although not payable, by a vendee. For instance, where the purchase-money is payable at a certain time, and the
Now, April 4th 1870, the judgment of the court in this case is reversed, and judgment is now entered on the case stated, in favor of the defendant, with costs, &c., and the costs of this writ of error.