Definitions from Black's Law Dictionary: 2nd Edition and Ballentine's Law Dictionary as are available for each term in each dictionary.
  • Ballentine's Law Dictionary

    Any right, in the nature of property, less than title. See 73 Kan. 127, 117 Am. St. Rep. 460, 9 Ann. Cas. 459, 4 L. R. A. (N. S.) 654, 84 Pac. 717; compensation for the use of money. See 211 Mass. 171, Ann. Cas. 1913B, 206, 39 L. R. A. (N. S.) 120, 97 N. E. 1100.

  • Black's Law Dictionary: 2nd Edition

    In property. The most general term that can be employed to denote a property in lands or chattels. ' In its application to lands or things real, it is frequently used in connection with the terms "estate," "right," and "title," and, according to Lord Coke, it properly includes them all. Co.. Litt. 345b. See Ragsdale v. Mays, 65 Tex. 257; Hurst v. Hurst, 7 W. Va. 297; New York v. Stone, 20 Wend. (N. Y.) 142; Sinte v. Mc-Kellop, 40 Mo. 185; Loventhal v. Home Ins. Co.., 112 Ala. 116, 20 South. 419, 33 L R. A. 258, 57 Am. St. Rep. 17. More particularly it means a right to have the advantage accruing from anything; any right in the nature of property, but less than title; a partial or undivided right; a title to a share. The terms "interest" and "title" are not synonymous. A mortgagor in possession, and a purchaser holding under a deed defectively executed, have, both of them, absolute as well as insurable interests in the property, though neither of them has the legal title. Hough v. City F. Ins. Co., 29 Co.nn. 20, 76 Am. Dec. 5Si.
    —Absolnte or conditional. That is an absolute interest in property which is so completely vested in the individual that he can by no contingency be deprived of it without his own consent. So, too, he is the owner of such absolute interest who must necessarily sustain the loss if the property is destroyed. The terms "interest" and "title" are not synonymous. A mortgagor in possession, and a purchaser holding under a deed defectively executed, have, both of them, absolute, as well as insurable, interests in the property, though neither of them has the legal title. "Absolute" is here synonymous with "vested," and is used in contradistinction to contingent or conditionai. Hough v. City F. Ins. Co., 29 Co.nn. lO, 76 Am. Dec. 581; Garver v. Hawkeye Ins. Co., 69 Iowa, 202. 28 N. W. 556; Washington F. Ins. Co. v. Kelly, 32 Md. 421, 431, 3 Am. Rep. 149; Elliott v. Ashland Mut. F. Ins. Co., 117 Pa. 548, 12 Ail. 676, 2 Am. St. Rep. 703 ; Williams v, Buffalo German Ins. Co. (C. C) 17 Fed. 63.
    —Interest or no interest. These words, inserted in an insurance policy, mean that the question whether the insured has or bas not an insurable interest in the subject-matter is waived, and the policy is to be good irrespective of such interest. The effect of such a clause is to make it a wager policy.
    — Interest policy. In insurance. One which actually, or prima fade, covers a substantial and insurable interest; as opposed to a wager policy.
    —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 is 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.
    —Legal interest. That rate of inters est prescribed by the laws of the particular state or country as the highest which may be lawfully contracted for or exacted, and which must be paid in all cases where the law allows interest without the assent of the debtor. Towslee v. Durkee, l2 Wis. 485; American, etc., Ass'n v. Harn (Tex. Civ. App.) 62 S. W. 75; Beals v. Amador County, 35 Cal. 633.
    —Simple Interest is that which is paid for the principal or sum lent, at a certain rate or allowance, made by law or agreement of parties.
    —Compound interest is interest upon interest, where accrued interest is added to the principal sum, and the whole treated as a new principal, for the calculation of the interest for the next period.
    —Ex-interest. In the language of stock exchanges, a bond or other interest-bearing security is said to be sold "ex-interest" when the vendor reserves to himself the interest already accrued and payable (if any) or the interest accruing up to the next interest day.
    —Interest, maritime. See Maritime Interest.
    —Interest npon interest. Compound interest.