Meilink v. Unemployment Reserves Comm'n, 314 U.S. 564 (1942)
U.S. Supreme CourtMeilink v. Unemployment Reserves Comm'n, 314 U.S. 564 (1942)
Meilink v. Unemployment Reserves Commission of California
Argued December 17, 18, 1941
Decided January 5, 1942
314 U.S. 564
Section 45 of the Unemployment Reserves Act of California provides that an employer who fails to make the payments required of him by the Act "shall become additionally liable for interest on such payments at the rate of twelve percent per annum."
Held, that the exaction of twelve percent per annum is not a "penalty," but is "interest" within the meaning of § 57j of the Bankruptcy Act, and a claim for the full amount thereof is allowable in bankruptcy. P. 314 U. S. 569.
116 F.2d 330 affirmed.
Certiorari, post, p. 588, to review the reversal of a decree denying in part a claim in bankruptcy.