Risher v. Risher

Citations

• 194 Pa. 164
• 45 A. 71
• 1899 Pa. LEXIS 753

Syllabus

<p>Payment — Appropriation of payments — Debtor and creditor.</p> <p>A debtor may appropriate his payments as he sees fit at the time he makes them. If he make no appropriation the creditor can make it on one or more of several obligations; if neither the debtor nor the creditor make an appropriation, then the law will make one to the debts oldest in point of time. Where the debtor makes no appropriation the creditor may apply the payment to that item of debt which to him seems least secure.</p> <p>Where a debtor who is liable to a creditor on several obligations assigns to him an interest in a mortgage, and records the assignment, which contains no terms as to the application of the amount, and the creditor accepts the payment and formally notifies the debtor of the appropriation of the payment to a particular indebtedness, the debtor cannot, ten days afterwards, object to such appropriation.</p>