Est

The custom of the place Is to be observed. 4 Coke, 28b; 6 Coke, 67; 10 Coke, 139; 4 C. B. 48. CONSUETUDO MANERII ET LOCI OBservanda est. A custom of a manor and place is to be observed. 6 Coke, 67. CONSUETUDO MERCATORUM (Lat.) The custom of merchants; the same with lex mercatoria (g. v.)

On Debts. The compensation which is paid by the borrower of money to the lender for Its use, and, generally, by a debtor to his creditor in recompense for his detention of the debt. ^ The compensation allowed by law or fixed by the parties to a contract for the use or forbearance or detention of money. Fisher v. Hoover, 3 Tex. Civ. App. 81, 21 S. W. 930. A consideration paid for the use of money or for forbearance in demanding it when due. Maryland Casualty Co. v. Poiyer Co., 157 Fed. 514, 85 C. C. A. 106. Legal interest is the rate of Interest established by the law of the country, which will prevail in the absence of express stipulation; conventional interest is a certain rate agreed upon by the parties. Fowler v. Smith, 2 Cal. 568. Interest is a matter of local regulation and the decisions of state courts are binding on the courts of the United States; Bond v. John V. Farwell Co., 172 Fed. 68, 96 C. C. A. ^6; where a judgment is rendered prior to the passage of an act reducing the rate of interest, it draws interest only at the reduced rate after the act takes effect; O’Brien V. Young, 96 N. Y. 428, 47 Am. Rep. 64. It has been said that at common law inn. 8., 88 Ot 01. 86; Sanderson t. Read, 75 111. App. 190. On the other hand, a party liable for a prlhcipal sum Is liable for Interest; It Is an Incident of the debt; Tldball T. Bank, 100 Va. 741, 42 S. B. 867. Who ia bound to pay interest. The party to a contract who has expressly or impliedly undertaken to pay interest is,. of course, bound to do so. Executors; Adams v. Spalding, 12 Conn. 35,0; Findlay v. Smith, 7 S. & R. (Pa.) 264; administrators; Gwynn v. Dorsey, 4 Gill & J. (Md.) 453; Crowder v. Shackelford, 35 Miss. 321; assignees of bankrupts or insolvents; In re Dyott’s Estate, 2 W. & S. (Pa.) 557; but see Thomas v. Car Co., 149 U. S. 95, 13 Sup. Ct. 824, 37 L. Ed. 663; guardians; Royston V. Royston, 29 Ga. 82; and trustees; Fay V. Howe, 1 Pick. (Mass.) 528; Dennis V. Dennis, 15 Md. 75; Royston v. Royston, 29 Ga. 82; Dickinson v. Owen, 11 Cal. 71; who have kept money an unreasonable length of time; Boynton v. Dyer, 18 Pick. (Mass.) 1; Royston v. Roy.ston, 29 Ga. 82; and have made or might have made it productive; Gwynn v. Dorsey, 4 Gill & J. (Md.) 453; Stearns v. Brown, 1 Pick. (Mass.) 530; Lockhart V. Horn, 3 Woods, 542, Fed, Cas, No. 8,446; Bourne v. Maybin, 3 Woods, 724, Fed. Cas. No. 1,700; are chargeable with Interest. Where a litigant claiming money as his own, was permitted to collect and retain it, subject only to the order of the court should it afterwards be decided he was not entitled to It, he is chargeable with Interest; Kenton Ins. Co. V. Bank, 93 Ky. 129, 19 S. W. 185. When a loan is negotiated, the retention of a portion of it for an unreasonable time entitles the borrower. to a rebate of interest; Dodge V. Tulleys, 144 U. S. 451, 12 Sup. Ct. 728, 36 L, Ed. 501. Who are entitled to receive interest. The lender upon an express or implied contract for interest Executors, administrators, etc., are in some cases allowed interest for advances made by them on account of the estates under their charge; Jennison v. Hapgood, 10 Pick. (Mass.) 77. The rule has been extended to trustees; Dilworth’s Lessee V. Sinderllng, 1 Binn. (Pa.) 488, 2 Am. Dec. 469; and compound interest, even, allowed; Barrel! v. Joy, 16 Mass. 228, On what claims alloioed. When the debtor expressly undertakes to pay Interest, he or his personal representatives having assets are bound to pay it. But if a party has accepted the principal, it has been determined that he cannot recover interest in a separate action; Tillotson v. Preston, 3 Johns. (N. Y.) 229. See Williams v. Craig, 1 Dali. (U. S.) 315, 1 L. Ed. 153; Blodgett v. Gardiner, 45 Me. 542; Candee v. Webster, 9 Ohio St. 452. On contracts where, from the course of Hlckok, 2 Wend. (N. T.) 601; Parker’s Heirs V. Parker’s Adm’r, 83 Ala. 469; Veiths r. Hagge, 8 la. 163. On account stated or other liquidated sum, whenever the debtor knovfs precisely what he is to pay and when he is to pay It; 2 Burr. 1085; 2 Cox 2l9; Mc- Mahon V. R. Co., 20 N. T, 463; Kellenberger V. Foresman, 13 Ind. 476; Milton v. Blackshear, 8 Fla. 161; Henderson Cotton Mfg. Co. V. Machine Shops, 86 Ky. 668, 7 S. W. 142. But interest is not due for unliquidated damages, or on a running account where the items are all on one side, unless otherwise agreed upon; Van Beuren v. Van ■Gaasbeck, 4 Cow. (N. Y.) 496; Catlin v. Aiken, 6 Vt. 177; Shewel v. GIvan, 2 Blackf. (Ind.) 313; Harrison v. Handley, 1 Bibb (Ky.) 443; Watkins v, Wassell, 20 Ark. 410; )^Jichols v. Ry. Co., 7 Utah 510, 27 Pac. 693; see Palmer V. Murray, 8 Mont. 312, 21 Pac. 126; but when the damages are to be assessed on the principle of compensation, and with reference to a definite standard, the Jury may give additional damages in the nature of interest. This, however, is not strictly interest, but compensation for delay, measured by the rate of Interest; Richards v. Gas Co., 130 Pa. 37, 18 Atl. GOO. On the arrears of an annuity secured by a specialty; 3 Atk. 679; Addams v. Heffernan, 9 Watts (Pa.) 530; or given in lieu of dower; Elliott v. Beeson, 1 Harr. (Del.) 106; Smyser v. Smyser, 3 W. & S. (Pa.) 437. On bills and notes if payable at a future day certain, after due; 3 D. & B. 70; Rollman v. Baker, 6 Humphr. (Tenn.) 406; Joyner v. Turner, 19 Ark. 690; Ayres v. Hayes, 13 Mo. 252; Ramsdell v. Hulett, 50 Kan. 440, 31 Pac. 1092; If payable on demand, after a demand made; 6 Ves. 133; Nelson v. Cartmel’s Adm’r, 6 Dana (Ky.) 7; Pate v. Gray, 1 Hempst. 155, Fed. Cas. No. 10,794a; Maxey v. Knight, 18 Ala. 300; In re Estate of King, 94 Mich. 411, 54 N. W. 178. See Pullen v. Chase, 4 Ark. 210; Henry vr Roe & Burnside, 83 Tex. 446, 18 S. W. 806. But see Packer v. Roberts, 40 III App. 613, where interest on a note due on demand was held to run from its date. Where the terms of a promissory note are that it shall be payable by Instalments, and on the failure of any Instalment the whole is to become due. Interest on the wholp becomes payable from the first default; 4 EJsp. 147. Where, by the terms of a bond or a promissory note. Interest is to be paid annually, and the principal at a distant day, the interest may be recovered before the principal is due; Sparks v. Garrigues, 1 Binn. (Pa.) 165; Greenleaf v. Kellogg, 2 Mass.* 568. An accepted draft bears interest from the time of delivery, when no time of payment Is stated therein; Clark r. Loan Ass’n, 65 Hun 625, 20 N. Y. Supp. 863. When not stipulated for by contract or of money or property; U. S. r. North Carolina, 136 U. S. 211, 10 Sup. Ct 020, 34 L. Ed. 386. On a deposit by a purchaser, which he Is entitled to recover back, paid either to a principal or an auctioneer; Sugd. Vend. 327; 5 Taunt. 625. But see 4 Taunt. 334. For goods sold and delivered, after the customary or stipulated term of credit has expired; 2 B. & P. 337; Knox v. Jones, 2 Dali. (Pa.) 193, 1 lx Ed. 345; Bispham v. Pollock, 1 Mc Lean 411, Fed. Cas. No. 1,442; Mcllvalne V. Wilkins, 12 N. H. 474; Parke v. Foster, 26 Ga. 465, 71 Am. Dec. 221; Velths v. Hagge, 8 la. 163. Where goods are sold on a definite term of credit. Interest runs from the date when the account becomes due, unless there are deductions or discounts to be adjusted; Harding, Whitman & Co. v. Knitting Mills, 142 Fed. 228; and so, where a tradesman regularly charges interest on an open account and the purchaser makes no objection thereto, an agreement to pay interest will be Inferred; [1901] 2 Ch. 548. On judgment debts; 2 Ves. 162. In a judgment on sci. fa. the Interest is calculated on the old judgment and the new judgment entered for a lump sum; Berryhlll v. Wells, 5 Blnn. (Pa.) 61; Gwinn v. Whitaker’s Adm’x, 1 H. & J. (Md.) 754; Sayre v. Austin, 3 Wend. (N. Y.) 496; Verree v. Hughes, 11

I. Is; it is; ther^ is. Est allquid qnod non qnicqnid yero non licet certe non oportet: some tilings] wliioii ougitt not to be done, even but whatever is not lawful certainly ought not judicis ampliare jurisdietionem: it is [the to enlarge [construe liberally] his jurisdiction. latorum tanquam viva vox; rebns et non mus: [the voice, utterance or declaration] of is like the living voice [the spoken word of an pose law upon things, not upon words.

SED ITA LEX SCRIPTA EST. Lat. (This indeed is exceedingly hard, but so the law is written; such is the written or positive law.) An observation quoted by Blackstone as used by Ulpian in the civil law; and applied to eases where courts of equity have no power to abate the rigor of the law. Dig. 40, 9, 12, 1; 3 Bl. Comm. 430. HOC PARATUS EST VERIPFI-

l.,fr. It is; there wit. Est boni duty] of agood judge