2009 California Civil Code - Section 1473-1479 :: Chapter 1. Performance

SECTION 1473-1479

1473.  Full performance of an obligation, by the party whose duty it
is to perform it, or by any other person on his behalf, and with his
assent, if accepted by the creditor, extinguishes it.

1474.  Performance of an obligation, by one of several persons who
are jointly liable under it, extinguishes the liability of all.

1475.  An obligation in favor of several persons is extinguished by
performance rendered to any of them, except in the case of a deposit
made by owners in common, or in joint ownership, which is regulated
by the Title on Deposit.

1476.  If a creditor, or any one of two or more joint creditors, at
any time directs the debtor to perform his obligation in a particular
manner, the obligation is extinguished by performance in that
manner, even though the creditor does not receive the benefit of such

1477.  A partial performance of an indivisible obligation
extinguishes a corresponding proportion thereof, if the benefit of
such performance is voluntarily retained by the creditor, but not
otherwise. If such partial performance is of such a nature that the
creditor cannot avoid retaining it without injuring his own property,
his retention thereof is not presumed to be voluntary.

1478.  Performance of an obligation for the delivery of money only,
is called payment.

[1479.]  Section Fourteen Hundred and Seventy-nine. Where a debtor,
under several obligations to another, does an act, by way of
performance, in whole or in part, which is equally applicable to two
or more of such obligations, such performance must be applied as
   One--If, at the time of performance, the intention or desire of
the debtor that such performance should be applied to the extinction
of any particular obligation, be manifested to the creditor, it must
be so applied.
   Two--If no such application be then made, the creditor, within a
reasonable time after such performance, may apply it toward the
extinction of any obligation, performance of which was due to him
from the debtor at the time of such performance; except that if
similar obligations were due to him both individually and as a
trustee, he must, unless otherwise directed by the debtor, apply the
performance to the extinction of all such obligations in equal
proportion; and an application once made by the creditor cannot be
rescinded without the consent of [the] debtor.
   Three--If neither party makes such application within the time
prescribed herein, the performance must be applied to the extinction
of obligations in the following order; and, if there be more than one
obligation of a particular class, to the extinction of all in that
class, ratably:
   1. Of interest due at the time of the performance.
   2. Of principal due at that time.
   3. Of the obligation earliest in date of maturity.
   4. Of an obligation not secured by a lien or collateral
   5. Of an obligation secured by a lien or collateral undertaking.

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