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Report No. 63

Chapter 7

Section 1, Proviso-Interest now Payable by Law

7.1. Section 1, proviso.-

So far, we have considered the text and case law relating to the main paragraph of section 1 of the Act. We now proceed to deal with cases which, at present, fall outside the main paragraph. For this purpose, the proviso to section 1 is material. It reads thus:

"Provided that interest shall be payable in all cases in which it is now payable by law."

This cryptic provision, which merely refers to cases where interest is "now payable by law", cannot be applied unless one conducts independent research to find out in what cases interest is "now payable by law". It would, therefore, be desirable to include expressly in the section at least the important cases in which interest is "now payable by law". Experience shows that when this question arises, considerable legal research has to be undertaken, resulting in expense and waste of time. Many of the reported decisions relating to the Proviso have gone up to the Supreme Court, and, having regard to the fact that the number of such decisions is not inconsiderable, an attempt to codify the propositions laid down,-at least in some of the important decisions-would be worthwhile.

Interest Act, 1839 Back

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