Wyoming § 40-14-243 Debt secured by cross-collateral

Wyoming Statutes

§ 40-14-243 — Debt secured by cross-collateral

Wyoming·Title 40 Trade and Commerce·Ch. 14 WYOMING UNIFORM CONSUMER CREDIT CODE·Art. 2 CREDIT SALES

(a)If debts arising from two (2) or more consumer credit sales, other than sales pursuant to a revolving charge account, are secured by cross-collateral (W.S. 40-14-242) or consolidated into one (1) debt payable on a single schedule of payments, and the debt is secured by security interests taken with respect to one (1) or more of the sales, payments received by the seller after the taking of the cross-collateral or the consolidation are deemed, for the purpose of determining the amount of the debt secured by the various security interests, to have been first applied to the payment of the debts arising from the sales first made. To the extent debts are paid according to this section, security interests in items of property terminate as the debts originally incurred with respect to each it

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(a) If debts arising from two (2) or more consumer credit
sales, other than sales pursuant to a revolving charge account,
are secured by cross-collateral (W.S. 40-14-242) or consolidated
into one (1) debt payable on a single schedule of payments, and
the debt is secured by security interests taken with respect to
one (1) or more of the sales, payments received by the seller
after the taking of the cross-collateral or the consolidation
are deemed, for the purpose of determining the amount of the
debt secured by the various security interests, to have been
first applied to the payment of the debts arising from the sales
first made. To the extent debts are paid according to this
section, security interests in items of property terminate as
the debts originally incurred with respect to each item are
paid.
(b) Payments received by the seller upon a revolving
charge account are deemed, for the purpose of determining the
amount of the debt secured by the various security interests, to
have been applied first to the payment of credit service charges
in the order of their entry to the account and then to the
payment of debts in the order in which the entries to the
account showing the debts were made.
(c) If the debts consolidated arose from two (2) or more
sales made on the same day, payments received by the seller are
deemed, for the purpose of determining the amount of the debt
secured by the various security interests, to have been applied
first to the payment of the smallest debt.