Smith v. Luse

Appellate Court of Illinois

Smith v. Luse

30 Ill. App. 37, 1888 Ill. App. LEXIS 208

CourtAppellate Court of Illinois

DecidedJanuary 16, 1889

StatusPublished

Cited by1 cases

This text of 30 Ill. App. 37 (Smith v. Luse) is published on Counsel Stack Legal Research, covering Appellate Court of Illinois primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Smith v. Luse, 30 Ill. App. 37, 1888 Ill. App. LEXIS 208 (Ill. Ct. App. 1889).

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Opinion

Garnett, P. J.

It is admitted by appellee that the judgment appealed from included interest on interest. To compute interest upon interest after its maturity has, by all courts, whether exercising equity or common law jurisdiction, been held to be compound interest, and in violation of law. This question is one that has been frequently presented, and it is believed as uniformly held to be unauthorized. We are not aware of any well considered case which has held that there is an implied legal or moral obligation to pay interest upon unpaid interest after its maturity. Leonard v. Villars, 23 Ill. 377.

A different question arises when the interest is represented by coupons. Harper v. Ely, 70 Ill. 582; Humphreys v. Morton, 100 Ill. 592. All other material questions in the case must be considered as set at rest by the judgment in April, 1884, in favor of appellee and against appellant. Harmon v. Auditor, 123 Ill. 122; Freeman on Judgments, 253.

For the error in computing interest on interest, the judgment is reversed and the cause remanded.

Reversed and remanded.

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Garnett, P. J.

It is admitted by appellee that the judgment appealed from included interest on interest. To compute interest upon interest after its maturity has, by all courts, whether exercising equity or common law jurisdiction, been held to be compound interest, and in violation of law. This question is one that has been frequently presented, and it is believed as uniformly held to be unauthorized. We are not aware of any well considered case which has held that there is an implied legal or moral obligation to pay interest upon unpaid interest after its maturity. Leonard v. Villars, 23 Ill. 377.

A different question arises when the interest is represented by coupons. Harper v. Ely, 70 Ill. 582; Humphreys v. Morton, 100 Ill. 592. All other material questions in the case must be considered as set at rest by the judgment in April, 1884, in favor of appellee and against appellant. Harmon v. Auditor, 123 Ill. 122; Freeman on Judgments, 253.

For the error in computing interest on interest, the judgment is reversed and the cause remanded.

Reversed and remanded.

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30 Ill. App. 37, 1888 Ill. App. LEXIS 208, Counsel Stack Legal Research, https://law.counselstack.com/opinion/smith-v-luse-illappct-1889.

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