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10 S.C.L. 67

Gaillard v. Ball

Supreme Court of South Carolina

Decided January 15, 1818

Supreme Court of South Carolina · decided 1818-01-15

The defendant’s testator had g-iven a bond, in the penalty of three thousand pounds sterling, with a condition to pay four per cent, interest on certain legacies, until the legatees therein mentioned, respectively arrived at the age of twenty-one years ; and as each one came of age, to pay him his proportion of the principal, being, in the whole, fifteen hundred pounds sterling.

Decided 1818-01-15

Cheyes, J.’

¶1I concur in this opinion, that a new trial be granted, on the ground, that according to the peculiar phraseology of the bond, the interest, after it became payable, might be increased; and, in that ease, was to be the legal interest of the country where it was executed, though it exceeded four per cent. But as the interest given, was the legal interest of this State, the verdict was wrong.

Gantt, J.

¶2I think a new trial should be granted, as I am *of opinion, that no greater rate of interest ought to have been allowed, on the coming of age of the legatees, than what was stipulated by the bond.

¶3This case is contradistinguished from that decided by the Court of Equity, as the circumstances here will not warrant a decision to the extent therein decreed.

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