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807
several distinct debts of the same nature; and does not dis
tinguish between portions of the same debt.
6. ID.; ID.; APPLICATION OF PAYMENT BY THE CREDITOR; WHEN
VALID AND LAWFUL.Where the debtor has not expressly elected
any particular obligation to which the payment should be applied,
the application by the creditor, in order to be valid and lawful,
depends: (1) upon his expressing such application in the
corresponding receipt and (2) upon the debtors assent, shown by
his acceptance of the receipt withov protest. Ultimately, therefore,
the application by a creditor depends upon the debtors
acquiescene thereto.
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809
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810
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812
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813
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814
either in the belief that the Company was obligated to make such
payment or in the belief that said payment was necessary in order
to avoid greater losses or obligations for which the Company
might be liable by virtue of the terms of the abovementioned
Bond, its renewals, extensions or substitutions shall be final and
will not be disputed by the undersigned who jointly and severally
bind themselves to indemnify the COMPANY for any and all such
payments as stated in the preceding clauses. (Rec. App., p. 11)
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