Interest suit

In English law. An action in the probate branch of the high court of justice, in which the question in dispute is as to which party is entitled to a grant of letters of administration of the estate of a deceased person. Wharton. In the law of evidence. "Interest," in a statute that no witness shall be excluded by interest in the event of the suit, means "concern," "advantage," "good," "share," "portion," "part," or "participation." Fitch v. Bates, 11 Barb. (N. Y.) 471; Morgan v. Johnson, 87 Ga. 382, 13 S. E. 710. A relation to the matter in controversy, or to the issue of the suit, in the nature of a prospective gain or loss, which actually does, or presumably might, create a bias or prejudice in the mind, inclining the person to favor one side or the other. For money. Interest is the compensation allowed by law or fixed by the parties for the use or forbearanco or detention of money. Civ. Code Cal. § 1915; Williams v. Scott, 83 Ind. 408; Kelsey v. Murphy, 30 Pa. 341; Williams v. American Bank, 4 Mete. (Mass.) 317; Beach v. Peabody, 188 III. 75, 58 N. E. 680. Classification.

— Conventional interest. interest at the rate agreed upon and fixed by the parties themselves, as distinguished from that which the law would prescribe in the absence of an explicit agreement. Fowler v. Smith, 2 Cal. 568; Rev. St. Tex. 1895, art. 3099.

Defined under Interest in Black's Law Dictionary.