Law · Legal Studies
Under Section 61 of the Indian Contract Act, 1872, how should a payment be applied if neither party makes any appropriation and the debts are of equal standing in time?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1The creditor can decide which debt to prioritize, disregarding the time standing
- 2The payment must be applied in discharge of each debt proportionally✓
- 3The payment should be applied entirely to the smallest debt
- 4The payment must be applied to the largest debt first
Correct answer
The payment must be applied in discharge of each debt proportionally
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