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of <h1>Debt Payment Rules: Creditor and Debtor Rights in Resolving Multiple Outstanding Financial Obligations</h1> The principle of appropriation governs how payments are applied when multiple debts exist between a debtor and creditor. The debtor has primary right to specify which debt a payment should cover. If the debtor does not specify, the creditor can appropriate the payment. When neither party makes an appropriation, the law typically applies the payment first to outstanding interest before reducing principal, starting with the earliest debt items.
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