Of Bills with clauses stipulating Annualrent and Penalty.
Mr John Moncrief v. Sir William Moncrief
Date: 30 July 1751 Case No. No 31.
A bill with a clause of interest, found null.
Click here to view a pdf copy of this documet : PDF Copy
Mr John Moncrief of Tippermalloch pursued Sir William Moncrief of that Ilk for L. 40 Sterling due by bill, granted by the defender's grand-father to the pursuer's predecessor, in these terms, ‘Pay, at such a day, L. 40 Sterling, with interest, value received.’
Defence, The bill is null, containing a clause for interest,
The Lord Ordinary ‘sustained the objection.’
Two bills were given in, insisting, That many bills were granted by bankers for money laid in their hands, with interest at four per cent.; at least it was ordinary to add to the address, with that interest.
observed, The custom was for the acceptor to add a note to his acceptance, restricting the interest, which was no nullity; nor would it be any, if such a note were added to the address; as no stipulation for interest entered the bill. See No 7. p. 478.
The Lords ‘adhered.’
Pet. R. Craigie & J. Sinclair.
D. Falconer, v. 2. No 228. p. 277.
