https://www.taxtmi.com/caselaws?id=309860 Explanation I to Section 8 of the Madras Agriculturists' Relief Act, 1938 applies only to payments that remain open and unappropriated on the relevant date; it prevents a creditor from unilaterally applying such payments to interest unless the debtor has made an express written statement. The provision was meant to override general-law rules allowing creditor-driven appropriation of open payments, but it does not disturb cases where the parties have already settled accounts, the debtor has appropriated the payments in that settlement, and a fresh promissory note has been executed. Accordingly, payments merged in a prior settlement cannot be reopened and treated as credits towards principal. en-us Fri, 14 Nov 1952 00:00:00 +0530 Mon, 25 Sep 2023 12:27:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=309860 Explanation I to Section 8 of the Madras Agriculturists' Relief Act, 1938 applies only to payments that remain open and unappropriated on the relevant date; it prevents a creditor from unilaterally applying such payments to interest unless the debtor has made an express written statement. The provision was meant to override general-law rules allowing creditor-driven appropriation of open payments, but it does not disturb cases where the parties have already settled accounts, the debtor has appropriated the payments in that settlement, and a fresh promissory note has been executed. Accordingly, payments merged in a prior settlement cannot be reopened and treated as credits towards principal. Case-Laws Indian Laws Fri, 14 Nov 1952 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=309860