Idaho State Statutes - Idaho Attorney Directory

(1) If debts arising from
two (2) or more regulated consumer credit sales, except sales pursuant to
open-end credit, are secured by cross-collateral, section 28-43-302, Idaho
Code, or consolidated into one (1) debt payable on a single schedule of
payments, and the debt is secured by security interests taken with respect to
one or more of the sales, payments received by the seller after the taking of
the cross-collateral or the consolidation are deemed, for the purpose of
determining the amount of the debt secured by the various security interests,
to have been first applied to the payment of the debts arising from the sales
first made. To the extent debts are paid according to this section, security
interests in items of property terminate as the debt originally incurred with
respect to each item is paid.
(2) Payments received by the seller upon an open-end consumer credit
account are deemed, for the purpose of determining the amount of the debt
secured by the various security interests, to have been applied first to the
payment of finance charges in the order of their entry to the account and then
to the payment of debts in the order in which the entries to the account
showing the debts were made.
(3) If the debts consolidated arose from two (2) or more sales made on
the same day, payments received by the seller are deemed, for the purpose of
determining the amount of the debt secured by the various security interests,
to have been first applied to the payment of the smallest debt.

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