§ 47. Application of payments
On a note, bill or other similar obligation, payable on demand or at a specified time, with interest, when a payment is made, the payment shall be applied: first, to liquidate the interest accrued at the time of the payment; and second, to extinguish the principal. (Added 1967, No. 377 (Adj. Sess.), eff. March 26, 1968.)
§ 47. Application of payments
On a note, bill or other similar obligation, payable on demand or at a specified time, with interest, when a payment is made, the payment shall be applied: first, to liquidate the interest accrued at the time of the payment; and second, to extinguish the principal. (Added 1967, No. 377 (Adj. Sess.), eff. March 26, 1968.)
§ 47. Application of payments
On a note, bill or other similar obligation, payable on demand or at a specified time, with interest, when a payment is made, the payment shall be applied: first, to liquidate the interest accrued at the time of the payment; and second, to extinguish the principal. (Added 1967, No. 377 (Adj. Sess.), eff. March 26, 1968.)
