Bare Act · Indian Contract Act, 1872 · Chapter IV

Chapter IV · Sections

37 · Obligation of parties to... 38 · Effect of refusal to accept offer... 39 · Effect of refusal of party to... 40 · Person by whom promise is to be... 41 · Effect of accepting performance... 42 · Devolution of joint liabilities. 43 · Any one of joint promisors may be... 44 · Effect of release of one joint... 45 · Devolution of joint rights. 46 · Time for performance of promise,... 47 · Time and place for performance of... 48 · Application for performance on... 49 · Place for performance of promise,... 50 · Performance in manner or at time... 51 · Promisor not bound to perform,... 52 · Order of performance of reciprocal... 53 · Liability of party preventing... 54 · Effect of default as to that... 55 · Effect of failure to perform at... 56 · Agreement to do impossible act. 57 · Reciprocal promise to do things... 58 · Alternative promise, one branch... 59 · Application of payment where debt... 60 · Application of payment where debt... 61 · Application of payment where... 62 · Effect of novation, rescission,... 63 · Promisee may dispense with or... 64 · Consequences of rescission of... 65 · Obligation of person who has... 66 · Mode of communicating or revoking... 67 · Effect of neglect of promisee to...

61

Application of payment where neither party appropriates.

Where neither party makes any appropriation, the payment shall be applied in discharge of the debts in order of time, whether they are or are not barred by the law in force for the time being as to the limitation of suits. If the debts are of equal standing, the payment shall be applied in discharge of each proportionably.

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