https://www.taxtmi.com/caselaws?id=175782 A mortgage loan requiring repayment of more than the sum actually advanced treated the excess as interest, because it represented compensation for the use of the lender's money. The absence of an express apportionment between principal and interest, or of the word "interest" in the contract, did not change that legal character. On that basis, the principal was confined to the amount actually advanced, and the balance was liable to statutory debt relief and cancellation. The court therefore held the excess payable over the advance to be interest and granted relief against that component. en-us Wed, 20 Oct 1943 00:00:00 +0630 Fri, 04 Dec 2015 18:05:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=175782 A mortgage loan requiring repayment of more than the sum actually advanced treated the excess as interest, because it represented compensation for the use of the lender's money. The absence of an express apportionment between principal and interest, or of the word "interest" in the contract, did not change that legal character. On that basis, the principal was confined to the amount actually advanced, and the balance was liable to statutory debt relief and cancellation. The court therefore held the excess payable over the advance to be interest and granted relief against that component. Case-Laws Indian Laws Wed, 20 Oct 1943 00:00:00 +0630 https://www.taxtmi.com/caselaws?id=175782