Section 154. Separate accounts for lands purchased or mortgaged

The
  comptroller on application to  him  for  that  purpose,  shall  open  an
  account in his office against any person, for a part or subdivision of a
  lot  of  land  purchased  from  or  mortgaged  to  the  state,  for  the
  proportionate part of the moneys on any such part  or  subdivision,  and
  thereafter  give  credit  on  the  several parts or subdivisions, as the
  persons making payments may require. He may credit any prior payment  to
  a  part or subdivision, if such payment appears by satisfactory proof to
  have been originally intended to be paid on such part or subdivision  or
  by  or  for  the  use  of  the  person  claiming  the credit, whether so
  expressed in the receipts or not. No part of any such payments shall  be
  applied  to  the  reduction  of the principal unpaid on any such part or
  subdivision, unless the payments exceed the interest, calculated on  the
  principal due on such part, or subdivision, to the day when such part or
  subdivision  is  to  be  paid  off, or a new account opened therefor. If
  separate receipts be given by the treasurer, for any payments which  are
  claimed  to  be credited to the account of any such part or subdivision,
  the receipts shall be delivered to the  comptroller  and  filed  in  his
  office.  Separate accounts shall not be opened under this section unless
  a map and survey of the whole lot is filed with the comptroller, showing
  particularly the part or subdivision for which such  account  is  to  be
  opened,  and  satisfactory  proof  furnished  the  comptroller  that the
  residue of the lot is sufficient security for the sum  remaining  unpaid
  thereon.