Kohler

Kohler v. Smith

Good Law
2 Cal. 597
Supreme Court of CaliforniaOctober 15, 1852California237 words

Opinion

Lead Opinion

Heydenfeldt, J.

delivered the opinion of the Court • with which Murray, Chief Justice, concurred.

The appellant complains, that he was charged with interest upon his note at the rate of five per cent, a month after it became due; and contends that his contract was only for that rate from the time he made the note up to its maturity; the act of 1850 gives interest at the rate of 10 per cent, a year for all moneys after they become due,—“where there is no.express contract in writing fixing a different rate of interest.”

This language is very explicit, and shows that the intention of the act was two-fold; first, that money demands after maturity should draw interest; and second, that they should draw interest *598 ) at whatever rate was expressed in the written contract, notwith j standing that nothing is said expressly about interest after maturity. And it is only where no rate is agreed on, that the statute i rate takes effect. This construction is strengthened by the 2d ^section of the act which requires judgments on such contracts to ■“bear the interest agreed upon by the parties.”

The other point made cannot properly be considered. It relates to the effect which the decision below has on the…

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