Benjamin F. Young v. Catharine T. Hill

Summary

The New York Court of Appeals reversed the General Term's judgment and affirmed the Special Term's decision, holding that compound interest cannot be recovered absent a new, independent agreement supported by consideration. The court found that the statement of account did not create an enforceable promise to pay compound interest and that the plaintiff's claim was inequitable. Justice Ohuboh dissented, arguing that the written acknowledgment constituted a valid agreement to pay compound interest.