Phillips Petroleum Company, Petitioner v. Stahl Petroleum Company, Respondent

Summary

The Texas Supreme Court affirmed the Court of Civil Appeals, holding that Stahl is entitled to legal interest on delayed payments under the contract and that prejudgment interest on the accrued interest is proper, based on both statutory authority and equitable principles. The Court also affirmed that the allocation error of interest to principal was harmless. Justice Pope concurred, agreeing with the majority's holding and noting the equitable interest discussion was unnecessary.