Apple Valley Mall v. Floyd Realty Co., Inc., 97-4157 (1998) (1998)

Citation: Apple Valley Mall v. Floyd Realty Co., Inc., 97-4157 (1998) (1998)
Parent Document: Apple Valley Mall v. Floyd Realty Co., Inc., 97-4157 (1998) (1998)
Jurisdiction: Rhode Island (state)
Effective Date: 1998-03-30
Original Source: https://www.courtlistener.com/opinion/4113657/apple-valley-mall-v-floyd-realt... ↗

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Where a debtor and creditor have both failed to exercise its power concerning the application of payments among several debts in a general account, this Court has authority to make the application with "just regard" to the interest of the debtor and creditor and to apply the payment to the "earliest matured debts and ratably among debts of the same maturity." 2 Restatement (First) Contracts §§ 387 and 394; and quoting 2 Restatement (Second) Contracts § 260 (1981); see also Lincoln StorageWarehouses v. Commissioner of Internal Revenue, 189 F.2d 337, 341, 50 T.C. P9394 (1950); and 60 Am.Jur.2d Payment § 117 (1987), which states:

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