TaxTMI 
TaxTMI 
Principle of appropriation
X X X X Extracts X X X X
X X X X Extracts X X X X
....the money to any of the debts that he pleases, and the creditor is bound if he takes the money, to apply it in the manner directed by the debtor. If the debtor does not make any appropriation at the time when he makes the payment, the right of appropriation devolves on the creditor. An appropriation by the debtor need not be made in express terms, but must be communicated to the creditor or be c....
X X X X Extracts X X X X
X X X X Extracts X X X X
....d his option, and the right to appropriate thereof devolved upon the creditor, he may exercise it at any time "up to the very last moment" or until something happens which makes it inequitable for him to exercise it." The question of appropriation as between principal and interest is set out in paragraph 21-067 in the following words: "Where there is no appropriation by either debtor or credit....