Vermont § 47 - Application of payments

Full text of Vermont Vermont Statutes Online § 47 — Application of payments, with citation guidance and answers to common questions.

§ 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.)

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Frequently Asked Questions About Vermont § 47

What does Vermont Statutes Online § 47 cover?

Section 47 ("Application of payments") is part of the Vermont Statutes Online, the codified statutory law of Vermont. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.

How do I cite Vermont § 47?

A common citation format is "Vermont Statutes Online § 47" (Vermont). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.

Is this the official text of Vermont law?

No. This page is for research and education and may not include the most recent amendments. For official current law, check the Vermont official source linked on this page or consult a licensed Vermont attorney.

How does Vermont § 47 apply to my situation?

Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Vermont can advise on how this section applies to you. Contact your state or local bar association for a referral.

Sources & Verification

Not legal advice. Verify against the official source and consult a licensed attorney in Vermont.