Compound Interest
Legal definition for Indian law research
Definition
Compound interest, interest upon interest, i.e., when the interest of a sum of money is added to the principal, and then bears interest, which thus becomes a sort of secondary principal. It is ordinarily not recoverable at law, see Fergusson v. Fyffe, (1840) 8 Cl & F 121, and Wrigley v. Gill, (1906) 1 Ch 165. See INTEREST.
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