Buck v. Mutual Building & Loan Ass'n

Citations

• 49 Pa. Super. 128
• 1912 Pa. Super. LEXIS 295

Syllabus

<p>Interest — Payment—Sale of real estate — Contract.</p> <p>1. Where an article of agreement for the purchase of real estate provides for the payment of a certain amount upon the signing of the agreement, and that the balance shall be paid with interest at the rate of $11.00 per month thereafter, the monthly payment of $11.00 is to be applied first to the payment of the interest due, and the balance to be applied to the payment of the principal.</p> <p>2. Where money is paid generally upon a debt the rule is to apply it first to the interest, if any, in arrears, and then to the extinguishment of the principal.</p>