Hibernia Savings & Loan Society v. Wackenreuder

Citations

• 111 Cal. 471
• 44 P. 168
• 1896 Cal. LEXIS 608

Syllabus

<p>Mortgage—Agreement for Compound Interest—Reduction in Rate. Where the note secured by a mortgage provided for interest at the rate of eight per cent per annum compounded monthly, an agreement to reduce the rate to six per cent per annum does not modify the clause respecting compound interest.</p> <p>Id.—Computation of Interest after Order, for Judgment—Error in Appellant’s Favor.—Where appellant claims an error in computing simple interest at the rate of seven per cent per annum between the time of an order for judgment and the time of the filing of findings of fact and conclusions of law; and it appears that a computation at the rate of six per cent per annum compounded monthly according to the agreement of the parties, would exceed the allowance of simple interest, the error, if there be any, is favorable to the appellant, and cannot be complained of.</p>