Ford v. Hixon
Illinois Supreme Court
Ford v. Hixon, 49 Ill. 142 (Ill. 1868)
Lawrence
Ford v. Hixon
Opinion of the Court
delivered the opinion of the Court:
The judgment must be reversed in this case, because it is for too large a sum. The jury evidently allowed interest at the rate of ten per cent, on the money borrowed. For this there was no warrant, as there had been no contract in regard to the rate of interest, and in such cases the legal rate is six per cent.
The judgment must be reversed and the cause remanded-
Judgment reversed.
Reference
- Full Case Name
- David Ford v. George C. Hixon
- Status
- Published
- Syllabus
- 1. Interest—where no rate agreed upon. In a contract for the payment of money, where no rate of interest is agreed upon, the legal rate is six per cent. 2. Same—recovery of-—no rate agreed upon. And in an action upon such contract, it is error to render a judgment allowing a greater rate of interest.