Interest can be demanded only in virtue of a contract express or implied ‘or by virtue of the principal sum of money having been wrongfully withheld, and not paid on the day when it ought to have been paid.’ Interest was due when money was wrongfully withheld and not paid on the day on which it ought to have been paid.
Citations:
(1870) 8 M (HL) 119
Jurisdiction:
Scotland
Citing:
See Also – Carmichael and Others v Caledonian Railway Co SCS 26-Mar-1867
. .
Appeal from – Caledonian Railway Co v Carmichael and Others SCS 28-Jun-1870
. .
Cited by:
Cited – Sempra Metals Ltd v Inland Revenue Commissioners and Another HL 18-Jul-2007
The parties agreed that damages were payable in an action for restitution, but the sum depended upon to a calculation of interest. They disputed whether such interest should be calculated on a simple or compound basis. The company sought compound . .
Cited – Farstad Supply As v Enviroco Ltd SCS 14-Sep-2011
(Outer House) The parties had settled a claim for the loss by fire of an oil rig supply vessel. The parties now disputed whether the settlement carries interest under the Act. The parties’ insurers were concerned that the interest rate awarded under . .
Lists of cited by and citing cases may be incomplete.
Damages
Updated: 10 May 2022; Ref: scu.260125
