If a Debtor with Multiple Debts Specifies the Debt to Which

question 39

True/False

If a debtor with multiple debts specifies the debt to which a payment is to be applied and the creditor accepts the money, the creditor is bound to apply the money as specified.

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Definitions:

Domestic Court

A court that operates within a specific country and handles issues and disputes under the law of that country.

International Dispute Resolution

The process of resolving conflicts between states, organizations, or individuals across national boundaries through negotiated agreements, arbitration, or judicial processes.

Foreign Court's Decision

Judgments or rulings made by a court in one country that may be recognized or enforced in another country's legal system under certain conditions.

Subsidence

The gradual caving in or sinking of an area of land, which can occur due to natural phenomena or human activities.