17-5505.   Application of payments.Payments on direct credit real-estate loans shall be applied first tothe payment of interest on the unpaid balance of the loan as provided inthe note and the remainder to the reduction of the principal. Payments onsinking fund or share retirement real-estate loans shall be applied firstto the payment of interest on the principal of the loan and the remainderas dues upon the shares.

      History:   L. 1943, ch. 133, § 83; July 1.