20-4-8. Application of performance according to creditor's selection--Application to rights held individually and as trustee--Rescission of application made by creditor.
97 words·~1 min read·
/sd/title-20/chapter-20-4/20-4-8A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
If no application be made pursuant to § 20-4-7 , the creditor, within a reasonable time after such performance, may apply it toward the extinction of any obligation, performance of which was due to him from the debtor at the time of such performance; except that if similar obligations were due to him, both individually and as a trustee, he must, unless otherwise directed by the debtor, apply the performance to the extinction of all such obligations in equal proportion; and an application once made by the creditor cannot be rescinded without the consent of the debtor.