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. 3 Tex. Civ. App. 81. Legal interest is the rate of interest estab- lished by the law of the country, which will prevail in the absence of express stipu- lation; conventional interest is a certain rate agreed upon by the parties. 2 Cal. 568. Who is bound to pay interest. The con- tractor who has expressly or impliedly undertaken to pay interest is, of course, bound to do so. Executors; 12 Conn. 350; 7 S. & R. 264; administrators; 4 Gill & J. 453; 35 Miss. 321; assignees of bankrupts or insolvents; 2-W. & S. 557; but see 149 U. S. 95; guard- ians; 29 Ga. 82; 14 La. Ann. 764; and trus- tees; 1 Pick. 528; 10 Gill & J. 175; 15 Md. 75; 29 Ga. 82; 61 id. 564; 11 Cal. 71; who have kept money an unreasonable length of time; 18 Pick. 1; 29 Ga. 82; and have made or might have made it productive; 4 Gill & J. 453; 1 Pick. 530; 8 Woods 542, 724; Myrick, 8, 168; 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; 93 Ky. 129. When a loan is nego- tiated, the retention of a portion of it for an unreasonable time entitles the borrower to a rebate of interest; 144 U. S. 451. Tenants for life must pay interest on in- cumbrances on the estate; 4 Ves. 33; 1 Vern. 404, n.; Story, Eq. Jur. § 487; 5 Johns. Ch. 482. Where interest is reserved by contract, a mere readiness to pay will not relieve the debtor from liability there- for; 24 Pa. 110. 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; 10 Pick, 77;6 Halst. Ch. 44. See 9 Mass. 37. The rule has been extended to trustees; 1 Binn. 488; and compound interest, even, allowed them; 16 Mass. 228. On what claims allowed. 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 de- termined that he cannot recover interest in a separate action: 1 Esp. N. P. 110;3 Johns. 220. See 1 Campb. 50; 1 Dall. 315; 45 Me. 542; 9 Ohio St. 452. On contracts where, from the course of dealings between the parties, a promise to pay is implied; 1 Campb. 50; 3 Brown, Ch. 438; Kirb. 207; 2 Wend. 501; 33 Ala. N. S. 459; 8 Ia. 163. On account stated or other liquidated sum, whenever the debtor knows precisely what he is to pay and when he is to pay it: 2 W. Bla. 761; 2 Ves. 365; 2 Burr. 1085; 5 Esp. 114; 1 Hayw. 173;2 Cox 219; 20 N. Y. 463; 13 Ind. 475; 8 Fla. 161; 86 Ky. 668. 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; 1 Dall. 265 ; 4 Cow. 496; 5 Vt. 177; 1Speers 209; 1 Rice 21; 2 Blackf. 313; 1 Bibb 443; 20 Ark. 410; 7 Utah 510; see 63 Hun 624; 8 Mont. 312; 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, meas- ured by the rate of interest; 124 Pa. 571; 130 Pa. 37. On the arrears of an annuity secured by a specialty; 3 Atk. 579; 9 Watts 530; or given in lieu of dower; 1 Harr. Del. 106; 3 W. & S. 437. On bills and notes if payable at a future day certain, after due; 3 D. & B. 70; 5 Humphr. 406; 19 Ark. 690; 13 Mo. 252; 50 Kan. 440; if payable on demand, after a demand made; 5 Ves. 133; 15 S. & R. 264; 1 M'Cord 370; 6 Dana 70; 1 Hempst. 155; 18 Ala. N. s. 300;94 Mich. 411. See 4 Ark. 210; 83 Tex. 446. But see 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 instal- ments, and on the failure of any instalment the whole is to become due, interest on the whole becomes payable from the first de- fault; 4 Esp. 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; 1 Binn. 165; 2 Mass. 568. An accepted draft bears interest from the time of delivery, when no time of payment is stated therein; 65 Hun 625. When not stipulated for by contract or authorized by statute, interest is allowed by the courts as damages for the detention of money or property; 136 U. S. 211. On a deposit by a purchaser, which he is entitled to recover back, paid either to a principal or an auctioneer; Sugd. Vend. 327; 8 Campb,