The covenant fixing the date of payment generally provides for interest in the meantime1. This is not, however, necessary in the case of simple interest2, for a mortgage, whether legal or equitable, carries interest even if interest is not expressly reserved3 and even if it secures the debt of a third party who is not liable to pay interest to the creditor4. A power to charge an estate with a specific sum of money without mentioning interest includes a power to charge with interest5, and the right to interest is implied where a principal sum is charged on property
**Trials are provided to all LexisPSL and LexisLibrary content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and millions of others like it, sign-in to LexisLibrary or register for a free trial.
EXISTING USER? SIGN IN
TAKE A FREE TRIAL
0330 161 1234