# Judicial Factors Act 1849, Section 37: Banks to accumulate principal and interest on accounts and deposits.

Extent: E+W+S+N.I.

Every institution such as is mentioned in paragraphs (a) to (c) of section 5(1) of this Actwith 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 such institutionfailing so to do shall be liable to account as if such money had been so accumulated.

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Source: https://www.legislation.gov.uk/ukpga/Vict/12-13/51/section/37 (the official version)
Page: https://openlegislation.uk/judicial-factors-act-1849/section-37
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.