Interest reserved at 5 pounds per cent. but if not duly paid, then to answer interest at 6 pounds per ann. Great arrear of interest. Mortgagor decreed to pay but 5 pounds per cent., the reservation at 6 per cent. being only as a Nomine Poenae -But where interest was reserved at 6 pounds per cent, and if duly paid, then agreed to take 5 pounds interest not duly paid, and court allowed 26 per Gent. Ant. Case 131 ; post, Case 303.
The plaintiff lent the defendant money on a mortgage at 25 per cent., interest, but if not punctually paid (every six months, RL), then to answer interest at 6 pounds per cent per ann, There being a great arrear of interest, the question was, whether it should be computed after the rate of 5 or 6 pounds per cent.
Citations:
[1693] EngR 18, (1693) 2 Vern 289, (1693) 23 ER 787 (A)
Links:
Jurisdiction:
England and Wales
Cited by:
Cited – Cavendish Square Holding Bv v Talal El Makdessi; ParkingEye Ltd v Beavis SC 4-Nov-2015
The court reconsidered the law relating to penalty clauses in contracts. The first appeal, Cavendish Square Holding BV v Talal El Makdessi, raised the issue in relation to two clauses in a substantial commercial contract. The second appeal, . .
Lists of cited by and citing cases may be incomplete.
Contract
Updated: 07 May 2022; Ref: scu.393068