Virdin's Administrator v. Polk's Administratrix
Virdin's Administrator v. Polk's Administratrix
Opinion of the Court
Nothing was disputed but the mode of casting interest.
Wilson. When there have [been] many and distant payments: on a bond, interest should be cast upon the debt for whole years,
We are of opinion that whensoever a payment is made, the interest should be cast on the debt -until the time of such payment,.and it must be credited at the time of such payment; and interest shall run again upon that balance unless it is larger than the original principal sum. And in cases where the debt is not due and there is a prompt payment, the case is the same, for the interest is as much due as the principal and the computations should be in the same manner. We think that interest does not grow due only at the end of the year but on every day. But this is not to alter the custom adopted of casting interest among wholesale and retailing merchants and on their interest accounts.
Blanks in manuscript.
Case-law data current through December 31, 2025. Source: CourtListener bulk data.