South Dakota § 20-4-9 Application of performance in absence of selection by parties.

South Dakota Statutes

§ 20-4-9 — Application of performance in absence of selection by parties.

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

If neither party makes application pursuant to § 20-4-7 or § 20-4-8 within a reasonable time after performance, the performance must be applied to the extinction of obligations in the following order; and if there be more than one obligation of a particular class, to the extinction of all in that class, ratably:

(1)Of interest due at the time of the performance;

(2)Of principal due at that time;

(3)Of the obligation earliest in date of maturity;

(4)Of an obligation not secured by a lien or collateral undertaking;

(5)Of an obligation secured by a lien or collateral undertaking.

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If neither party makes application pursuant to § 20-4-7 or § 20-4-8 within a reasonable time after performance, the performance must be applied to the extinction of obligations in the following order; and if there be more than one obligation of a particular class, to the extinction of all in that class, ratably: (1) Of interest due at the time of the performance; (2) Of principal due at that time; (3) Of the obligation earliest in date of maturity; (4) Of an obligation not secured by a lien or collateral undertaking; (5) Of an obligation secured by a lien or collateral undertaking.

South Dakota § 20-4-9 (Application of performance in absence of selection by parties.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.