Page:Federal Reporter, 1st Series, Volume 7.djvu/42

 50 FEDERAL REPORTER �the legal title for the orator's, benefit. He was the equitable owner, subject to their claim. Their security is made good otherwise. The loss fell upon his equitable right, and not upon their legalHitle. It came without their fault, and he has no just claim that they should make it up. It, must be borne where it fell. The exceptions to the disallowance of this item are overruled. �6. As to interest. The ixx&stei pro forma allowed interesfc at the rate of 9 per cent., accordibg to a computation made for the orator. The defendants have excepted to this allow- ance. The contract was made in the state of Vermont, and the business between the parties was transacted in Vermont, and the laws of Vermont are to govern. Aecording to these laws the rate is 6 per cent. No more than that can be col- lected, and if more is paid the excess can be recovered back. No agreement for mox*e adds anything to the right, however strongly it ipay be expressed, for it is unlawful. It is clear that the allowance of 9 per cent, in favor of the orator is contrary to law and cannot stand. There was not even any agreement that he should have 9 per cent., or interest at any rate at all. The money in the hands of the defendants was held in a fiduciary capacity, and was not, by the terms of the contract, to be paid over until as sooji after final settlement with and payment by the govemment as reasonably might be. It would not bear interest until after that reasonable time had elapsed, and perhaps not then, before demand. Haswell v. Farmers' e Mechanics' Bank, 26 Vt. 100; Hauxhurst y. Hovey, Id. 544. No demand is found, and the allowance of 6 per cent, for some of the time for which interest at 9 was computed would seem to be improper. The exceptions of defendant to the allowance of interest, as it was allowed, are sustained. �The orator has not excepted at all to the allowance of inter- est, and insists that it should stand without variation except as the items are varied. It is insisted in argument in behalf of the orator that if the subject is opened on the exceptions of the defendants, and a different method is adopted, giving only 6 per cent, to the orator, the legal rate should be applied to ��� �