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13 N.J. Eq. 289

Wilson v. Marsh

New Jersey Court of Chancery

Decided February 15, 1861

New Jersey Court of Chancery · decided 1861-02-15

<p>A decree will bear only six per cent, interest, although founded on a mort-gage drawing seven per cent.</p> <p>Decrees in equity, as well as judgments at law, universally hear the legal ra te of interest, without regard to the terms of the contract or to the place where it was executed, whether within the state or abroad.</p>

Relies on Wernwag v. Brown

Good law ✅— No negative treatment on recordhow we know

Decided 1861-02-15

How this case has been cited

Cited by 3 later decisions — most recently December 1981

2 state decisions

101861187018801890190019101920193019401950196019701980decided

Later decisions citing this case, by decade. The current decade is in progress, and our corpus holds fewer opinions from the most recent years, so the latest bars are undercounted — not a real decline.

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The Chancellor.

¶1The complainant’s mortgage was made in Essex county, and bears interest at the rate of seven per cent, per annum, under a special contract for that purpose, made by authority of the statute. He now-asks that interest be allowed at the same rate upon the decree. The decree bears only legal interest, Viz. six per cent. A higher rate of interest is permitted by the statute to be taken in certain counties, by special contract for that purpose. The contract is merged in the decree, and the decree is controlled not by the contract biit by the statute, which allows interest at the rate of six per cent.

¶2It was so held by the Supreme Court of this state under the act of 1823, which changed the legal rate of interest from seven to six per cent. Verree v. Hughes, 6 Halst. 91.

¶3A similar practice was adopted in this court. Interest under the decree from the date of the master’s report was reckoned at six per cent. only.

¶4The point has been repeatedly decided both in equity and at law. Aldrich v. Sharp, 3 Scammon 261; Wernwag v. Brown, 3 Blackf. 457; Mason v. Cake, Breese 52.

¶5In the case last cited the judgment was upon a contract to pay money with interest at twenty per cent., a rate authorized by statute. An execution issued upon the judgment for interest at twenty per cent, was quashed.

¶6Decrees in equity, as well as j udgments at law, in this state, universally bear the legal rate of interest, without regard to the terms of the contract or to the place where it was executed, whether within the state or abroad.

¶7*290See further, 2 Fonb. Eq. 424, note a; 5 Gray’s R. 9, Barringer v. King; 2 Mad. Ch. Pr. 455; 6 Johns. R. 283, Watson v. Fuller; 2 Chitty’s Dig. Interest,” as to Practice in Eng. Eq.

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