application of payments

The use or account to which a payment is applied or credited where a single creditor has two or more demands, and other creditors, as well as the debtor, will be affected by the particular application made. 40 Am J1st Paym §§ 108 et seq.

Ballentine's law dictionary. . 1998.

Look at other dictionaries:

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  • application — Use, as the application of a drug; devoting to a purpose, as the application of payments. A request; a seeking, usually in the form of writing; a petition. One of the most frequent uses of the term is in the law of insurance, it referring in that …   Ballentine's law dictionary

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