Greenleaf v. Kellogg

Upon a note payable in eight years, with interest payable annually, an action lies for the interest before the principal is payable. In such action, interest is allowed upon each year’s interest unpaid.

The declaration was “ in a plea of the case for that the said Kellogg, at-on the-day of-, by his note under his hand of that date, value received, promised the said Greenleaf to pay her, or her order, 10,000 dollars in eight years from the said date, with lawful interest therefor, until the same should be paid; the said interest to be paid yearly, and at the end of each year, during said term. Now, the said Greenleaf saith that three years of the said term have long since expired, yet the said Kellogg, though requested, has never paid the interest of the said sum, or of any part thereof, for the said three years or any part thereof, but unjustly neglects and refuses so to do; to the damage,” &e.