Kimbrough v. Carter

Citations

• 129 Miss. 337
• 92 So. 229

Syllabus

<p>1. Interest. Rule for computing partial payments stated.</p> <p>The rule for computing interest where partial payments are made is to compute' interest on the principal debt to the date of the first payment, where this equals or exceeds the interest- due, then deduct the payment from the aggregate of principal and interest, -and' repeat the process as to successive payments. Where the payment does not equal or exceed the amount ot interest due at the time when it is made,, interest on the first principal should be computed until such time as the aggregate partial payments made equal or exceed the amount of interest due when the payment was made which, with prior payments, equals or exceeds the accrued interest, and such aggregate should then be deducted from the sum of the original principal and accrued interest; the balance constituting a new principal.</p> <p>2. Interest. Held that decree should he for actual amount found by master, including interest to date of decree.</p> <p>Where the report of a master appointed to state an account contains an error in the computation of interest because of which the decree rendered is for an amount different from that reported by him to be due, the decree rendered should be, not for the amount which the master should have reported to be due, with interest thereon from the date of the report, but for the actual amount due, including interest to the date of the decree.</p> <p>3. Banks and Banking. W7ie?-e banlc’s receivers are also directors and are sued for benefit of bank, special receiver should be appointed.</p> <p>Where the creditors and stockholders of a bank are permitted to recover from the directors money of the bank lost because of the negligence of the directors, the recovery is for the bank for the benefit of all of its creditors and stockholders, and where the bank is in the hands of receivers who were also directors of the bank against whom the recovery is sought, a special receiver should be appointed to collec