Fowler v. Harts

Citations

• 149 Ill. 592
• 36 N.E. 996

Syllabus

<p>1. Interest—depends on the. statute. At common ]aw, interest was recoverable in no case except when there was an express agreement to pay it, and in this State it can not be recovered except when the statute authorizes it, and interest may therefore be regarded as dependent upon and the creature of the statute.</p> <p>2. Same—whether contract provides for. The owner of lots sold the same for $S000, subject to an incumbrance on the same, the amount being in dispute, the holder claiming $7500, which indebtedness, whatever it might be, was to be paid as part of the purchase money. Five hundred dollars was paid down. It was agreed that the purchaser should pay the vendor whatever reduction of the $7500 might be obtained on foreclosure on the defense of usury. The amount was reduced considerably below the $7500; Held, that the purchaser was not liable to pay interest on any part of the $7500.</p>