Mathews v. Collins
Mathews v. Collins
Opinion of the Court
— I. The facts, briefly stated, are: On July 21, '1919, defendant, Collins, sold to plaintiff, Mathews, a farm for an agreed price of $20,000, and an exeeutwy contract was entered into to that effect. Pursuant to its terms, settlement was to be had and possession taken on March 1, 1920. The contract provided for a down payment of $1,000 and a note for $4,000 to be executed by Mathews, payable March 1, 1920, without interest until after'maturity. The plaintiff, Mathews, then and there paid the sum of $1,000, and executed a note for $4,000. This note was prepared on an ordinary blank form by a banker, and by its provisions bore interest at 8 per cent from date. This provision in the note was not observed by the plaintiff, nor does it appear that the provision of the contract was known to the banker who prepared the note. The note was immediately thereafter negotiated by Collins to such banker, and he received therefor the sum of $4,000. The actual performance of the executory contract was not had on March 1st, but was had on August 17,1920. At the time of the settlement between Mathews and Collins, under the contract, the note for $4,000 was not before them, but was still held by its purchaser, unpaid. In the computation made at the time of such settlement, the plaintiff received credit on account thereof for the sum of $4,000, as of March 1, 1920, and for no more. He was charged with interest on the balance of the purchase price from March 1st up to the date of settlement. Sometime thereafter, he paid the $4,000 note to its holder, and then, for the first time, discovered that it called for the payment of interest from date. As between plaintiff and the holder of the note, it was obligatory to pay such interest, and this he did. The amount of interest having accrued thereon from July 21, 1919, to March 1, 1920,
The plea of settlement is not available to the defendant. The very settlement which he pleads is that wherein the final mistake of payment was made.
II. Appellant complains also that the allowance by the court was excessive. The court allowed the sum of $195.56, with interest at 6 per cent from March 1, 1920. The plaintiff, appellee, did not pay the $4,000 note until August, 1921. The contention of the appellant is that he was entitled to interest on the principal sum found due, only from the date that he paid the same, and not from March 1, 1920. The point has no merit. The plaintiff, appellee, paid interest on the note from its date to the date of payment. He paid interest to the defendant, at the time of settlement, for the supposed balance of purchase money due on March 1, 1920, and such supposed balance in-
The judgment is, accordingly, affirmed. — Affirmed.
Reference
- Full Case Name
- C. E. Mathews v. Ira W. Collins
- Status
- Published