733. Interest on mortgage loan as damages for delay in payment.

733.     Interest on mortgage loan as damages for delay in payment.

Where the mortgage provides for interest up to the day fixed for payment but not beyond, a contract for the continuance of the same rate of interest until payment is not implied, but subsequent interest will be given by way of damages for breach of contract, and the current rate of interest on damages will generally be adopted as a proper measure of damages for the subsequent delay1. This rule applies both to proceedings on the covenant, and to accounts taken in redemption or foreclosure2