US Rule
Defined in 1 dictionary — Case Law
Definitions from Case Law
From 38 U.S. 359 - Benjamin Story v. Louisa Livingston · 1839Most cited · 194 citing opinions
The correct rule in general is, that the creditor shall calculate interest whenever a payment is made. To this interest the payment is first to be applied; and if it exceed the interest due, the balance is to be applied to diminish the principal. If the payment fall short of the interest, the balance of interest is not to be added to the principal so as to produce interest.