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Porter v Hobbard

Nominate Series English Reports Cited authorities 1 Cited in Precedent Map Related
Vincent
JurisdictionEngland & Wales
Judgment Date01 January 1677
Date01 January 1677
CourtHigh Court of Chancery

English Reports Citation: 22 E.R. 1039

Chancery Division

Porter
and
Hobbard

i C. 34.-porter v. hobbard. [1677.] (1) Interest upon interest. Post, Case 180, 181. A mortgagee, after money is incurred for interest, assigns over to one that payeth him his principal and interest: the question was, whether or no this assignee, upon the redemption, should have interest for the interest 'I and, This difference was taken, that when a mortgagee assigns, with the consent of the mortgagor, to one that payeth him the principal and interest, there the interest and principal are consolidated by the consent of the mortgagor, and there, upon redemption, the assignee shall have interest for the whole sum that he disburseth ; and so it is, (come semble) if the mortgagor and mortgagee state their account and come to an agreement to continue the money longer. But if a mortgagee assign over without the consent of the mortgagor, there no interest shall be allowed to the assignee for what he payeth for interest; for if that should be allowed, the scriveners of London would make a trade of assigning every six months, and so turn their interest into principal, and by that means receive interest...

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