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Report No. 63

6.5. Starting point of interest.-

This part of the section requires some examination. Under the present section, the position, as we have already stated1, is this-

(a) In the case of a debt or sum certain payable at a certain time by virtue of a written instrument, the interest can run from the date on which the debt or sum certain is payable.

(b) In other cases, interest can run from the date mentioned in the notice of demand of interest.

The first case creates no problems. The second case requires some discussion. We may note that in the English Act, the date of cause of action is adopted as the possible date for the running of interest in all cases.2

1. Para. 6.5, supra.

2. Section 3, Law Reform (Miscellaneous Provisions) Act, 1964.



Interest Act, 1839 Back




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