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Story
September 18, 1877
Bristol News
Bristol, Washington County, Virginia
What is this article about?
The Supreme Court of Appeals at Staunton affirmed the Circuit Court of Tazewell's judgment in Cecil & Peery vs. Hicks, ruling that the 12% interest rate on a loan note continues until paid, beyond maturity.
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Important Supreme Court Decision.
The Supreme Court of Appeals, at Staunton, on last Friday decided the case of Cecil & Peery vs Hicks, from the Circuit Court of Tazewell county, affirming the judgment of the Court below.
Cecil and Peery had executed their note to Hicks (Dr. Hicks of this town) for money loaned, due 6 months after date "with interest at the rate of twelve per cent. per annum." The note ran several years after maturity before suit was brought. Cecil & Peery claimed that the 12 per cent agreed upon could only run until the maturity of the note, at which time the legal rate would apply. Hicks contended for 12 per cent. until paid.
The Court decides that the agreed rate continues until paid.
The Supreme Court of Appeals, at Staunton, on last Friday decided the case of Cecil & Peery vs Hicks, from the Circuit Court of Tazewell county, affirming the judgment of the Court below.
Cecil and Peery had executed their note to Hicks (Dr. Hicks of this town) for money loaned, due 6 months after date "with interest at the rate of twelve per cent. per annum." The note ran several years after maturity before suit was brought. Cecil & Peery claimed that the 12 per cent agreed upon could only run until the maturity of the note, at which time the legal rate would apply. Hicks contended for 12 per cent. until paid.
The Court decides that the agreed rate continues until paid.
What sub-type of article is it?
Historical Event
What themes does it cover?
Justice
What keywords are associated?
Supreme Court Decision
Interest Rate Dispute
Loan Note
Legal Judgment
Affirmation
What entities or persons were involved?
Cecil
Peery
Hicks
Dr. Hicks
Where did it happen?
Staunton, Tazewell County
Story Details
Key Persons
Cecil
Peery
Hicks
Dr. Hicks
Location
Staunton, Tazewell County
Event Date
Last Friday
Story Details
Cecil and Peery executed a note to Hicks for a loan with 12% interest. After maturity, suit was brought. Borrowers claimed interest reverts to legal rate post-maturity; lender sought continued 12%. Supreme Court affirmed lower court, ruling agreed rate continues until paid.