Skip to navigation Skip to content Skip to subnav
Searching 2023-2024 Session

The Vermont Statutes Online

NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.

NOTE: The online version of the Vermont Statutes does NOT yet include the actions of the 2023 legislative session. The 2023 updates should be available by the end of October.

Title 9 : Commerce and Trade

Chapter 004 : INTEREST


(Cite as: 9 V.S.A. § 47)
  • § 47. Application of payments

    (a) On a note, bill, or other similar obligation, payable on demand or at a specified time, with interest, when a payment is made, the payment shall be applied: first, to liquidate the interest accrued at the time of the payment; and second, to extinguish the principal.

    (b) Notwithstanding any other provision of this chapter to the contrary, payments shall be applied to interest, principal, and escrow charges, if any, before any portion of the payment is applied to late fees, delinquency charges, deferral charges, or any similar fees or charges. (Added 1967, No. 377 (Adj. Sess.), eff. March 26, 1968; amended 2019, No. 20, § 104.)