South Dakota § 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.

South Dakota Statutes

§ 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.

South Dakota·Title 20 PERSONAL RIGHTS AND OBLIGATIONS·Ch. 20-4 PERFORMANCE OF OBLIGATIONS

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to the extinction of all such obligations in equal proportion; and an application once made by the creditor cannot be rescinded without the consent of the debtor.

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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to the extinction of all such obligations in equal proportion; and an application once made by the creditor cannot be rescinded without the consent of the debtor.

South Dakota § 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.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.