INTEREST

In property. The most general term that can be employed to denote a property in lands or chattels. In its appli- cation 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. 3456. "9 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 synony- mous. A mortgagor in possession, and a purchaser holding under a deed defectively executed, have, both of them, absolute as well as insurable inter- ests in the property, though neither of them has the legal title. 29 Conn. 20. "Interest," in In the law of evidence. a statute that no witness shall be excluded by interest in the event of the suit, means "con- cern," ‘advantage," "good," "share, “por- tion," "part," or "participation.' 11 Barb. 471; 11 Metc. (Mass.) 390. 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 preju- dice 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 forbearance or detention of money. Civil Code Cal. § 1915. Legal interest is the rate of interest estab- lished by the law of the country, and which will prevail in the absence of express stipula tion; conventional interest is a certain rate agreed upon by the parties. 2 Cal. 568. 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 par- ties. Compound interest is interest upon interest, where accrued interest is added to INTEREST REIPUBLICÆ, ETC. the principal sum, and the whole treated as a new principal, for the calculation of the in- terest for the next period. INTEREST, MARITIME. See MARI-

lessee for years acquires in the lands demised to him, before he has actually become of those lands; as distinguished from that property or interest vested in him by the demise, and also reduced into possession by an actual entry upon the lands and the assumption of ownership therein, and which is then termed an “estate for years.” Brown.—Pro interesse suo. For his own interest; according to, or to the extent of, his individual interest. Used (in practice) to describe the intervention of a party who comes into a suit for the purpose of protecting interests of his own which may be involved in the dispute between the principal parties or which may oy affected by the settlement of their contenon. 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 845d. See Ragsdale v. Mays, 65 Tex. 257; Hurst v. Hurst, 7 W. Va. 297; New York v. Stone, 20 Wend. (N. Y.) 142; State v. Mc Kellop, 40 Mo. 185; Loventhal v. Home Ins. Co., 112 Ala. 116, 20 South. 419, 8383 L. RB. 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 defectivel executed, have, both of them, absolute as well as insurable interests in the property, though neither of them has the legal title. ough v. City F. Ins. Co., 20 Conn. 20, 76 Am. Dec. 581, —Absolute 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 bis own consent. So, too, he is the owner of such absolute interest who must necessarily snstain the loss if the p rty 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 u in contradistinction to contingent or conditional. Hough v. City F. Ins. Co., 29 Conn. 10, 76 Am. Dec. 581; Garver v. Hawkeye Ins. a 69 Iowa, 202, 28 N. W. 555; Washington F. Ins, Co, v. Kelly, 82 Md. 421, 431, 3 Am. Rep. 149; Elliott vy. Asbland Mut. F. Ins. Co., 117 Pa. 648, 12 Atl. 676, 2 Am. St. Rep. 708; Williams v. Buffalo German Ins. Co. (C. CJ 17 Fed. 63.—Interest or no interest. These words, inserted in an insurance policy, mean that the question whether the insured has or has not an insurable interest in the subjectmatter 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 facie, 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 eon 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 Vv. Johnson, 87 Ga. 382, 13 S. EB. 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 forbearance 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 Metc. (Mass.) 817; Beach v. Peabody, 188 Dl]. 75; 58 N. B. 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. 1 3009.—Legal interest. That rate of inter 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, 12 Wis. 485; American, etc., Ass’n v. Harn (Tex. Civ. App.) 62 S. W. 75; Beals v. Amador County, 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 upon interest. Compound interest. Interest reipublice ne maleficia remaneant impunita. It concerns the state that crimes remain not unpunished. Jenk. Cent. pp. 30, 81, case 59; Wing. Max. 501. Interest reipublics ne sua quis male autatur. It concerns the state that persons do not misuse their property. 6 Coke, 36a. Interest reipublics quod homines conserventur. It concerns the state that (the lives of] men be preserved. 12 Coke, 62. Interest reipublics: res judicatas non rescindi. It concerns the state that things adjudicated be not rescinded. 2 Inst. 360. It {s matter of public concern that solemn adjudications of the courts should not be disturbed. See Best, Ev. p. 41, § 44 895, art.

COMPOUND INTEREST, (defined). 11 Conn. 487. (what constitutes in an account current). 3 Hen. & M. (Va.) 89. (what is not). 1 N. H. 179, 183; 5 Paige (N. Y.) 98, 103. (taking of, not usury). 1 Wend. (N. Y.) 521; 8 Wheel. Am. C. L. 257. COMPOUND OFFENCES, (in crimes act). 48 Iowa 370. COMPOUNDER.-In Louisiana, the maker of a composition, generally called the "amicable compounder." (671) the application of any of the relatives, whom proceedings between third persons, by failing, upon the application of the attorneyexception to the general rule against general (procureur du roi), to the court of first instance, who will thereupon direct an inquiry hearsay evidence. Best Ev. 635. See before the conseil de famille. The interdiction DECLARATION, § 5. may be either absolute or limited; in the case Interests may be considered from the of a limited interdiction, the party is able to act with the approval of a conseil judiciaire.--Brown. following aspects: (672) has been infringed, and for the protection or infringement of which he brings the action; and "want of interest" is a ground of demurrer. (Mitf. Pl. 154.) Thus, if a testator bequeaths property in trust for his daughters and their issue, and on their death without issue, in trust for his next of kin, during the daughters' lives the next of kin have only an expectation and not an interest, and cannot maintain an action for the administration of the estate. Clowes v. Hilliard, 4 Ch. D. 413. lawyers in several technical senses: thus, him a right which requires protection or at one time it may denote certain rights intimately connected with the soil of land, such as commons and other profits à prender, licenses for profits certain, &c., as opposed to "matters of easement and discharge," such as a right of way or a mere authority to enter upon land, (Potter v. North, Vent. 383; Godley v. Firth, Yelv. 159; Weekly v. Wildman, 1 Ld. Raym. 407; Web v. Paternoster, Palm. 71;) while in another sense interest is used to denote an exclusive right to land, namely, that arising from ownership, as opposed to rights in alieno solo, such as commons. Burt. Comp. 1158 et seq. 6. Interest is also opposed to possession, as when we say that an estate is vested in interest, meaning that the right has accrued, but that the possession is deferred; thus a vested remainder is an estate vested in interest. See ESTATE, & 10. 7. Insurable interest. - In the law of insurance, a person is considered to be interested in property or in the life of a person, when the destruction or injury of the property, or the death of the person, would expose him to pecuniary loss, (Halford v. Kymer, 10 Barn. & C. 725; Reed v. Royal Exchange Ass. Co., Peake Add. Cas. 70; 2 Sm. Lead. Cas. 290;) this is an "insurable interest." Thus, a creditor has an insurable interest in the life of his debtor, because if the debtor died his money might be lost; and a shipowner has an insurable interest in the goods on board his ship to the extent of his freight, because if the goods were lost the freight would not be paid; à fortiori of course the owner of the goods has an insurable interest in them. Maud & P. Mer. Sh. 332 et seq., 348 et seq. 8. Short interest.-When a person insures for an amount exceeding the value of his interest (as where part only of an insured cargo is put on board) the excess is called "short interest," and part of the premium proportionate to the excess is returnable by the underwriter. Id. 430; Sm. Merc. Law 398. See RISK. 29. Suit. It is a rule of equity that a person cannot maintain a suit or action unless he has an "interest" in the subject of it, that is to say, unless he stands in a sufficiently close relation to it as to give 10. Probate.-So, in the law of probate and administration, a person has an interest for the purpose of obtaining a grant of probate when he is the executor of the deceased, and for the purpose of obtaining a grant of letters of administration when he is a relation, legatee, or creditor of the deceased. For the purpose of opposing a grant of probate or administration any person has an interest whose rights will or may be affected by the proposed grant. (Browne Prob. Pr. 158 et seq., 265 et seq., 277.) When a person has such an interest as to entitle him to a grant in priority to another person, the former is said to have a superior, the latter an inferior, interest. Coote Prob. Pr. 192, 199. 11. Interest suit. - An interest action (or cause) in English law, is one in which the legal interest of a person in the estate of the deceased is disputed; thus, where a person applying for a grant of probate or administration is stopped by a caveat, he issues a writ of summons against the caveator to have the question whether he is entitled to the grant determined. Browne Prob. Pr. 287; Rules of Court, i. 1; Forms, App. A. Part. ii. v. 4, App. C. 17. 12. In persons, or office. One person may have an interest in another independently of the question of property. Thus, a husband has an interest in his wife (see CONSORTIUM), a guardian in his ward, a master in his servant, and so on. (See RIGHT.) The interest which a guardian in socage has in his ward has been called an interest of honor, as opposed to an interest of profit. (Shaftsbury v. Shaftsbury, Gilb. Eq. 172.) Similarly the interest which an executor has in the property vested in him is sometimes called an interest of office. Wms. Ex. 244. Ses ESTATE; ESTOPPEL; POSSESSION; POSSIBILITY; RIGHT. 13. On money. --Interest also signifies (673) per month, it would not be adopted, and only a reasonable rate would be allowed as damages. Cook v. Fowler, L. R. 7 H. L. 27; Gordillo v. Weguelin, 5 Ch. D. 287 ; Howard v. Harris, 1 Vern. 190. As to interest generally, see Chit. Cont. 595 et seq; Leake 584; Wms. Pers. Prop. 139. See a sum payable in respect of the use of another sum of money, called the "principal." Interest is calculated at a rate proportionate to the amount of the principal and to the time during which the non-payment continues; this rate is generally expressed as so much for every hundred dollars ("per centum") during a PENALTY. year ("per annum"). "To them that lend money my caveat is, that neither directly nor indirectly, by art or cunning invention, they take above ten in the hundred." (Co. Litt. 3b.) Thus, a contract to pay five per cent. per annum on $1,500 entitles the lender to $75 for every year, $6.25 for every month, and so on while the loan continues. Interest is considered as accruing from day to day (see APPORTIONMENT), although it is generally payable periodically. 15. Simple, and compound.-Interest is also either simple or compound. Compound interest is where each periodical amount of interest as it becomes payable is added to the principal, so that the next instalment of interest is calculated not only on the principal but also on the interest already accrued. A covenant to capitalize arrears of interest so as to make it bear interest is lawful. Clarkson v. Henderson, 14 Ch. D. 348. See ACCOUNT, & 12;

To engage the attention of; to awaken interest in; to excite emotion or passion in, in behalf of a person or thing; as, the subject did not interest him; to interest one in charitable work. To love our native country . . . to be interested in its concerns is natural to all men. Dryden. A goddess who used to interest herself in marriages. Addison. To be concerned with or engaged in; to affect; to concern; to excite; -- often used impersonally. [Obs.] Or rather, gracious sir, Create me to this glory, since my cause Doth interest this fair quarrel. Ford. To cause or permit to share. [Obs.] The mystical communion of all faithful men is such as maketh every one to be interested in those precious blessings which any one of them receiveth at God's hands. Hooker.

Excitement of feeling, whether pleasant or painful, accompanying special attention to some object; concern. Participation in advantage, profit, and responsibility; share; portion; part; as, an interest in a brewery; he has parted with his interest in the stocks. Advantage, personal or general; good, regarded as a selfish benefit; profit; benefit. Divisions hinder the common interest and public good. Sir W. Temple. When interest calls of all her sneaking train. Pope. Premium paid for the use of money, -- usually reckoned as a percentage; as, interest at five per cent per annum on ten thousand dollars. They have told their money, and let out Their coin upon large interest. Shak. Any excess of advantage over and above an exact equivalent for what is given or rendered. You shall have your desires with interest. Shak. The persons interested in any particular business or measure, taken collectively; as, the iron interest; the cotton interest. Compound interest, interest, not only on the original principal, but also on unpaid interest from the time it fell due. -- Simple interest, interest on the principal sum without interest on overdue interest.

The price paid for obtaining, or price received for providing, money or goods in a credit transaction, calculated as a fraction of the amount or value of what was borrowed. | Any excess over and above an exact equivalent | A great attention and concern from someone or something; intellectual curiosity. | Attention that is given to or received from someone or something. | An involvement, claim, right, share, stake in or link with a financial, business, or other undertaking or endeavor. | Something which, or someone whom, one is interested in. | Condition or quality of exciting concern or being of importance. | Injury, or compensation for injury; damages. | The persons and companies interested in any particular business or measure, taken collectively. | A genre of factual short films, generally more amusing than informative, especially those not covered by a more specific genre label.

To engage the attention of; to awaken interest in; to excite emotion or passion in, in behalf of a person or thing. | To be concerned with or engaged in; to affect; to concern; to excite. | To cause or permit to share.