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Judicial Factors Act 1849
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- 1849 c. 51
- Section XXXVII
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XXXVIIBanks to accumulate Principal and Interest on Accounts and Deposits.
And be it enacted, That from and after the passing of this Act every Bank in Scotland with which any Money shall have been or shall be deposited or lodged by any Judicial Factor, Tutor, or Curator, or under Authority of any Court in Scotland, or with reference to any Suit in any Court in Scotland, whether on Deposit Receipt or on Account Current, or otherwise, shall once at least in every Year accumulate the Interest with the Principal Sum, so that both shall thereafter bear Interest together as Principal; and any Bank failing so to do shall be liable to account as if such Money had been so accumulated.
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