24 F. 310 | U.S. Cir. Ct. | 1885
Had the agreement between the contracting parties stipulated for 12 per cent, interest on default of any covenant in the mortgage, commencing from the date of such default, and not relating back to the date of the contract, there could hardly be a doubt but it
There are quite a number of reported cases which hold that a greater rate of interest may be contracted for, contingent on default, commencing from the date of the note, and it seems to me the weight oí authority in law, if not in equity, is to that effect. Satterwhite v. McKie, Harp. 397; Daggett v. Pratt, 15 Mass. 177; Horner v. Hunt, 1 Blackf. 213; Gully v. Remy, Id. 69; Rumsey v. Matthews, 1 Bibb. (Ky.) 242; Jasper Co. v. Tavis, 76 Mo. 13; Reeves v. Stipp, 91 Ill. 609; Per contra Waller v. Long, 6 Mumf. (Va.) 71; Tierman v. Hinman, 16 Ill. 400; Shiell v. McNitt, 9 Paige, 101.
The exceptions to master’s report must be overruled; and it is so ordered.