payments applied by priority
Defined in 1 dictionary — Case Law
Definitions from Case Law
From 22 U.S. 720 - United States v. Kirkpatrick · 1824Most cited · 417 citing opinions
In cases like the present, of long and running accounts, where debits and credits are perpetually occurring, and no balances are otherwise adjusted than for the mere purpose of making rests, we are of opinion, that payments ought to be applied to extinguish the debts according to the priority of time: so that the credits are to be deemed payments pro tanto of the debts antecedently due.