Interest

Lat. It interests, concerns, is of importance to.

Interest reipiiblicae ut sit flnis litium

It concerns the commonwealth that there be an end to lawsuits. The general welfare requires that litigation be not interminable. No maxim is more firmly established or of more value in the administration of justice. It prevents repeated litigation between the same parties in regard to the same subject.' It prevents multiplicity of suits." In it originates the rule against circuity of action; ' 2 Bl. Com. 144, 314. a 4 Kent, 106; 72 Mo. 542.

3 106U. S. B65. 'United States v. Throckmorton, 98 U. S. 65 (1878); MUes V. Caldwell, 2 Wall. 39 (1864); 3 Bl. Com. 308.

J Stark V. Starr, 94 U. S. 485 (1876); 71 Pa. 177; 2 Pars. and it states the principle upon whioli rest statutes of setrofl and of limitations. For this reason, the prevention of litigation is a valid consideration,' For this reason, also, but one action lies for aU the articles converted by one aot,^ It is the policy of the law to settle in one suit the interests, of all parties in the subject-matter, leaving as little room as possible for multiplicity of actions.'

3. Eng. (1) Concern, advantage, good; share, portion, part, participation.* Concern, advantage, benefit.

Such relation to the matter in issue as creates a liability to pecuniary gain or loss from the event of the suit.5 Opposed, disinterest. In this sense a witness is said to be incompetent, and a judge or juror disqualified, from interest. At common law, a party could testify for himself only when he alone knew the matter to be proved. This was to prevent absolute failure of justice, where his right to relief was shown by other evidence.* An interest disqualifying a witness, at common law, must be legal, real, substantial, present, certain, vested, and ex parte. Interest in the question is not meant, nor inclination arising from relationship, friendship, or other motive. The meaning is that parties legally interested in the result are incompetent. This interest is to be real, not merely apprehended, and in the event of the cause. The true test regards gain or loss by the judgment. The degree is not regarded. A remote, contingent, uncertain interest does not disqualify. One may testify against his interest; and an offer to release an interest qualifies.' ' Equal interest on both sides does not disqualify. Objection for interest must be made before examination. Precisely what interest disqualifies is largely a question for the court. ^ But the common-law rule has been generally abrogated. The effect of interest upon credibility is now left to the jury to determine.'

See further Pabtt, 8; Witness. (2) Right of property in a thing.

May denote the property itself, objectively considered.9 A claim to advantage or benefit; any ' 1 Pars. Contr. 438; Smith, Contr. 179. " Phillips V. Berick, 16 Johns. 140 (1819).

See also 105 111. 108. ■ Eckford v. Knox, 67 Tex. 205 (1886); 8 Kan. Law J. 880 (1885); 6 Tex. 446; 30 F. E. 911; 41 N. J. E. 443; 7 Mass. 432; 99 id. 203; 4 Allen, 473; 16.Gray, 87; 5 id. 197; 1 id. 303; 24 Pick. 61; 22 id. 83; 21 id. 263; 20 id. 290; 15!U 286. ' Fitch V. Bates, 11 Barb. 473 (1851). ' Bouvier, Law Diet.; Inhabitants of Northampton V. Smith, 11 Mete. 394-96 (1846), oases, Shaw, C. J. •United States v. Clark, 96 U. S. 41 (1877); 3 Bl. Com. 370;,l Greenl. Ev. §.348. ' 1 Greenl. Bv. §§ 386-430, oases. s 1 Whart. Ev. § 419; 30 Hun, B57; 63 Pa. 156; 64 id.

89; right, in the nature of property, less than title; title to a share.' Spoken of as present or vested, contingent or future, chattel or landed, beneficial, reversionary, undivided, legal, equitable, etc. The quantum depends upon the title in the possessor. As respects realty, this may be freehold or less; as respects chattels, it is Joint, — shared with other persons; or several or sole, — possessed by on© person exclusively, or by more than one, their interests then not being in common. The chief use of the word is to designate some right which cannot or need not be defined with precision. In some connections it includes title; in others, advantages less than title. Sometimes it is added to words of more definite meaning by way of precaution that no conceivable claim shall be omitted; sometimes it signifies an undefined share.' Compare Claiu; Demans. Community of interest.

See Community, 1.

Coupled with an interest. Said of an agency in which the agent has a business interest, along with his principal. A power coupled with an interest is where the grantee has an interest in the estate as well as in the exercise of the power. It is deteiTQined to exist or not according as the agent is found to have such estate or not before the execution of the power. If his interest is only a right to share the proceeds which result from the execution of the power, he has no such power. 2 Such a power survives the person giving it, and may be executed after his death. This refers to an interest in the thing itself, a power which accompanies, or is connected with, an interest.' Equitable interest. Such interest as is cognizable in a court of equity.

Iiegal interest

An interest cognizable in a court of common law. Immediate interest. See Immediate. Interest or no interest. Refers to g. policy of insurance which is to be valid whether the insured has or does not have an insurable interest,* q. v.

Opposing interest

At the meeting of the creditors of a bankrupt to elect an assignee, if no choice was made, the judge, or, if there was " no opposing interest," the register, appointed a person. This meant, not merely an interest contending by vote for the election of a particular person, but an interest in ' [Abbott's Law Diet. = Flanagan v. Brown, 70 Cal. 259 (1886); Brown v. Pforr, 38 id. 550 (1869); Hartley's Appeal, 53 Pa. 218 (1866); Frink v. Eoe, 70 Cal. 310 (1886). ' Hunt V. Eousmanier, 8 Wheat. 203 (1823), Marshall, C. J.; Walker v. Walker, 125 U. S. 343 (1888); 59 Tex. opposition to the power of appointment by the register.' (3) Increase by way of compensation for the use of money; price or reward for the loan of money; a premium for the hire of money; a reasonable equivalent for the temporary inconvenience the lender of money may feel by the want of it.^ Compensation allowed by law, or fixed by the parties, for the use or forbearance of money, or as damages for it detention.' A compensation for the loan or use of money.* The measure of damages for money withheld upon contract, s Though interest, eo nomine, may be a creation of statute law, it is allowed as mulct or punishment for some fraud, delinquency, or injustice of the debtor, or from some injury done by him to the creditor.* Simple interest. Interest computed solely upon the principal of the loan.

Compoiind interest

Is reckoned upon the principal for the first period, and thereafter upon both principal and accrued interest; interest upon interest. " Compound interest " signifies the adding of the growing interest of any sum to the sum itself, and then the taking of interest upon this accumulation.' At interest. In ordinary parlance "money at interest " refers more to money loaned than to interest-bearing notes and accounts received for property sold.

8 Ex-interest.

Said of a sale of stocks or bonds without interest already or soon payable.

See Ex, 3.

With interest. When a note is made payable at a future day, " with interest " at