Dollar Investment Corp. v. Modern Market, Inc.

On Petition For Rehearing

OPINION

On Petition for Rehearing

By the Court,

Thompson, J.:

Appellant Dollar Investment Corporation has filed a petition for rehearing. Our opinion affirmed the judgment below which allowed interest from August 1, 1958 on the amount found to be due. It is urged that the allowance of interest is improper because, by stipulation made before trial, appellant had deposited $11,000 in court to await the court’s determination of the controversy and that, under such circumstances, at least that sum would not be subject to interest.

Our opinion did not refer to the deposit in court. Though not mentioned, it was considered. The record discloses that, in consideration of respondent’s releasing an attachment of appellant’s funds, appellant agreed to deposit $11,000 in court to await the outcome of trial. Under such circumstances, the deposit in court does not stop the running of interest on the amount found to be due. Tannenbaum v. Seacoast Trust Co., 131 N.J.Eq. 93, 25 A.2d 533; 47 C.J.S., Interest, sec. 54, p. 66; Olivares v. Garcia, 127 Tex. 112, 91 S.W.2d 1059.

Rehearing denied.

Badt, C. J., and McNamee, J., concur.