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Searching 2019-2020 Session

The Vermont Statutes Online

 

Title 9 : Commerce and Trade

Chapter 004 : INTEREST

Subchapter 001 : INTEREST GENERALLY

(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.)