Reports of Cases Argued and Determined in the Supreme Court of Tennessee, for the Middle Division, at the December Term, 1879, and for the Western ... April Term, 1880, Vol. 4 (Classic Reprint) - pocketboek

Excerpt from Reports of Cases Argued and Determined in the Supreme Court of Tennessee, for the Middle Division, at the December Term, 1879, and for the Western Division at the April Term, 1880, Vol. 4
Interest for money as a legal consequence was unknown to the common law: Cherry v. Mann, Cooke, 268. It has, however, been given by statute on judgments, and on a large class of assignable and negotiable instruments, and upon liquidated ac counts signed by the parties: Code, 1942, 1945. It is defined by the Statute to be the compensa tion which may be demanded by the lender from the borrower, or the creditor from the debtor, for the use of money: Code, 1943. In all cases which are left as at common law, the jury has an equi table power, and may, in the form of damages, give interest, if they think justice demands it: Cole v. Sands, 1 Tenn., 106. Under our statutes and decisions interest has become an incident of debt after maturity, because either given by posi tive law, or in the absence of countervailing equity, by the inevitable verdict of the jury, or by the court acting in the place of the jury.
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