Page:United States Statutes at Large Volume 47 Part 1.djvu/1210

 1186 Off er of perfo rmanc e. extin - S EC. 453 . OBLIGATION EXTINGUISHED BY O) TER OF PERFORMANCE.-- An obligation is extinguished by an offer of performance made in conformity to the rules herein prescribed, and with intent to extinguish the obligation. Cro ss R„tcEs By whom offer may be made, see section 455 . Post, p .1188. Dutie s of person making tende r, see secti on 471 . Poet, p .1188. Ten der of payme nt, see sect ions 468 an d 472 . Post, p . 1188. Tend er of article passes title, s ee sections 47 0 and 472 . fo Omft en c o f partial per • SEc . 45 4. OFFER OF PARTIAL PERFORMANCE.-An offer of partial performance is of no effect. CRASS REFERENCE Part performance, effect of, see sections 450, 481, and 1281 . SEC . 455. BY W HOM TO BE MADE .-An offer of performance must be made by the debtor, or by some person on his behalf and with his assent. SEC. 456 . TO WHOM TO BE MADE .-An offer of performance must be made to the creditor, or to any one of two or more joint creditors, or to a person authorized by one or more of them to receive or collect what is due under the obligation, if such creditor or authorized person is present at the place where the offer may be made ; and if not, wherever the creditor may be found. Obligation guished by. Ante, p, 1188 ; poet, pp. 1188,1283 . By whom made. To whom made. Foot, p. 1187. 72d C ONGRESS. SESS. II. CH. 128 . FEBRUA RY 27, 1933 . ante, in whole or in p art, whi ch is eq ually app licable to two o r more of such obligations, such performance must be applied as follows (1) If, at the time of performance, the intention or desire of the debtor that such performance should be applied to the extinction of any particular obligation, be manifested to the creditor, it must be so applied. (2) If no such application be then made, the creditor, within a reasonable time after such performance, may apply it toward, th e extinction of any obligation, performance of which was due to him from the debtor at the time of such performance ; except that if sim ilar obl igat ions were due to him both individually and asa trustee, he must, unless otherwise directed by the debtor, apply the performance to the extinction of all such obligations in equal pro- portion ; and an application once made by the creditor can not be rescinded without the consent of the debtor. (3) If neither party makes such application within the time pre- scribed herein, the performance must be applied to the extinction of obligations in the olIGwing order ; and, if there be more than one obligation of a particular class, to the extinction of all in that class, ratably 1. Of interest due at the time of the performance. 2. Of principal due at that time. 3. Of the obligation earliest in date of maturity. 4. Of an obligation not secured by a lien or collateral undertaking. 5 . Of an ob ligation secured by a li en or co llateral undertak ing. OFFER OF PERFORMANCE Cross REFERENCE Where offer may be made, see section 457.