Payments by a handler to a producer, for the purposes of any action on a handler’s bond or bonds for any year or years, shall be credited first to interest and then to principal due, owing, and unpaid. Amounts to be applied to principal shall be applied first to the amount due for the most recent deliveries and then successively, in descending order, to the amounts due to the next most recent deliveries.
(Added by Stats. 1977, Ch. 1192.)