) Except as provided in subsections (2) and (3), if debts arising from two or more consumer credit sales, other than sales primarily for an agricultural purpose, are consolidated into one debt payable on a single schedule of payments, and the consolidated debt is secured by security interests in goods sold in one or more of the sales, payments received by the seller or his transferee after 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 debts arising from the sales first made.

(2) If goods sold are affixed to or installed in goods previously sold, and the debts arising from each sale are consolidated, the debts from each sale are treated as a single debt arising at the time of the subsequent sale.
(3) If the debts consolidated arose from two (2) or more sales made on the same day, payments received by the seller or his transferee after 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 smallest or smaller of the debts.