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Interest Income Accrues Only on Specified Date in Agreement, Not Before, as Supported by Case Law.

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Full Text of the Document

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....Accrual of income - Income from interest on securities - When an instrument or an agreement stipulates interest to be payable at specified date, interest does not accrue to the holder thereof on any date prior thereto. Interest would accrue or arise only on the date specified in the instrument. - HC....

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