Commonwealth Consolidated Acts

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BANKRUPTCY ACT 1966 - SECT 88

Apportionment to principal and interest of payments made before bankruptcy

                   A payment made by a debtor to a creditor before the debtor became a bankrupt and representing in part principal and in part interest shall, notwithstanding any agreement to the contrary, be deemed, for the purposes of this Act but not otherwise, to have been apportioned in satisfaction of principal and interest in the proportion that the principal bears to the amount payable as interest at the agreed rate.



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