P.R. Laws tit. 10, § 1658

2019-02-20 00:00:00+00

§ 1658. Effect of receipt of principal by creditor as regards to interest; application of partial payments

The receipt of the principal by the creditor without an express reservation of the right to the interest agreed upon or due shall extinguish the obligation of the debtor with regard to the same.

Payments on account, when there is no express stipulation with regard to their application, shall first be applied to the payment of interest as it falls due and then to the principal.

History —Commerce Code, 1932, § 236.