Page:United States Statutes at Large Volume 76A.djvu/206

–110– -nocable to two or more of the obligations, the performance shall be applied as follows: (1) If, at the time of performance, the intention or desire of the debtor that the performance should be applied to the extinction of any particular obligation, is manifested to the creditor, it shall be so applied. (2) If no such application is then made, the creditor, within a reasonable time after the performance, may apply it toward the extinction of any obligation, performance of which was due to him from the debtor at the time of the performance; except that if similar obligations were due to him both individually and as a trustee, he shall, unless otherwise directed by the debtor, apply the performance to the extinction of all such obligations in equal proportion. An application once made by the creditor may not be rescinded withoiit the consent of the debtor. (3) If neither party makes an application within the time prescribed herein, the performance shall be applied to the extinction of obligations in the following order: (A) interest due at the time of the performance; (B) principal due at that time; (C) the obligation earliest in date of maturity; (D) an obligation not secured by a lien or collateral undertaking; (E) an obligation secured by a lien or collateral undertaking. If there is more than one obligation of a particular class the performance shall be applied to the extinction of all in that class ratably. Article B—Offer of Performance

§ 911. Extinction by offer An obligation is extinguished by an offer of performance, made in conformity to the rules herein prescribed, and with intent to extinguish the obligation. § 912. 0£fer of partial performance An offer of partial performance is of no effect, § 913. Person required to make offer Only the debtor, or a person on his behalf and with his assent, may make an offer of performance. § 914. Person to whom offer may be made; place of offer An offer of performance shall be made to: (1) the creditor; (2) any one of two or more joint creditors; or (3) a person authorized by one or more of the creditors to receive or collect what is due under the obligation— if the creditor or authorized person is present at the place where the offer may be made; and if not, wherever the creditor may be found. § 915. Place of offer In the absence of an express provision to the contrary, an offer of performance may be made, at the option of the debtor: (1) at any place appointed by the creditor; (2) wherever the person to whom the offer ought to be made can be found; (3) if the person to whom the offer ought to be made can not with reasonable diligence be found within the Canal Zone, and within a reasonable distance from his residence or place of business, or if he evades the debtor, then at his residence or place of business, if the same can, with reasonable diligence, be found within the Canal Zone; or

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