Cameron and Others, Assignees of Laing, a Bankrupt, against Smith and Others
| Jurisdiction | England & Wales |
| Judgment Date | 25 January 1819 |
| Date | 25 January 1819 |
| Court | Court of the King's Bench |
English Reports Citation: 106 E.R. 378
IN THE COURT OF KING'S BENCH.
Referred to, Cook v. Fowler, 1874, L. R. 7 H. L. 36; Webster v. British Empire Assurance Company, 1880, 15 Ch. D. 175.
[305] cameron and others, Assignees of Laing, a Bankrupt, against smith and others. Monday, Jan. 25th, 1819. Interest accruing before the act of bankruptcy cannot be added to the principal sum due on a bill of exchange, so as constitute a good petitioning creditor's debt, unless interest be specially made payable on the face of the bill. [Eeferred to, Cook, v. Fowler, 1874, L. E. 7 H. L. 36; Webster v. British Empire Assurance Company, 1880, 15 Ch. D. 175.] Trover for certain goods and chattels, bills of exchange, &c. Plea, not guilty. At the trial before Abbott J. at the sittings after last Trinity term, the only question was, as to the bankruptcy of Laing. The petitioning creditor's debt was an acceptance by the bankrupt of a bill of exchange, drawn for 961. 17s. 10d., due on the 18th of January, 1810. This bill, together with the interest due upon it, up to the time of the act of bankruptcy, amounted, altogether, to 1011. 14s. 8d. At the trial, Marryat for the defendant contended, that the interest could not lawfully be added to the principal,, so as to make a good petitioning creditor's debt. The learned Judge overruled the objection, and the plaintiffs subsequently obtained a verdict. Marryat, in Michaelmas term last, obtained a rule nisi for a new trial, and renewed his objection, on the ground, that interest was no part of the debt, but only in the nature of damages, and he cited Hume v. Peploe (8 East, 168); and now, Scarlett, Gurney, and Barrow shewed cause. ' The distinction is, that interest accruing before the act of bankruptcy shall be allowed to form part of the petitioning creditors' debt, but not that which accrues afterwards. Interest, by the general usage of merchants, is [306] given upon bills of exchange; and that usage forms part of every contract of this description. If the bill in this case had been to pay 961. 17s. 10d., with interest, there would be no doubt on the point. For it was decided, by the cases of Herries v. Jamiesm (5 Term Kep. 553), that debt would lie for interest. Then, if debt will lie for it, it cannot be contended with success, that it will not'form a part of a valid petitioning creditor's debt. It is upon this principle, that the Court of error allows...
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