Loan Agreement
Principle of Law
1. A loan for money is a contract whereby the lenders transfers to
the borrower a sum of money and the borrower agrees to return
such sum of money to the lender (according to Section 650,
Civil and Commercial Code)
2. A loan of money for a sum exceeding two-thousand bath in
capital is not enforceable by action unless there be some written
evidence of the loan signed by the borrower
No repayment of a loan of money evidenced by writing may be
proved unless there be some written evidence signed by the
lender, or the document evidencing the loan has been
surrendered to the borrower or cancelled. (Section 653, Civil
and Commercial Code)
3. Interest shall not exceed 15% per year; when a higher rate of
interest is fixed by the contract, it shall be reduced to 15% per
year. (Section 654, Civil and Commercial Code)
4. Interest shall not bear interest. The parties to a loan of money
may, however, agree that the interest due for not less than one
year shall be added to the capital, and that the whole shall bear
interest, but such agreement must be made in writing.
Commercial usage for the calculation of compound interest in
current accounts, as well as in similar commercial transactions,
are not governed by the forgoing paragraph. (Section 655, Civil
and Commercial Code)
Loan AgreementPrinciple of Law1. A loan for money is a contract whereby the lenders transfers tothe borrower a sum of money and the borrower agrees to returnsuch sum of money to the lender (according to Section 650,Civil and Commercial Code)2. A loan of money for a sum exceeding two-thousand bath incapital is not enforceable by action unless there be some writtenevidence of the loan signed by the borrowerNo repayment of a loan of money evidenced by writing may beproved unless there be some written evidence signed by thelender, or the document evidencing the loan has beensurrendered to the borrower or cancelled. (Section 653, Civiland Commercial Code)3. Interest shall not exceed 15% per year; when a higher rate ofinterest is fixed by the contract, it shall be reduced to 15% peryear. (Section 654, Civil and Commercial Code)4. Interest shall not bear interest. The parties to a loan of moneymay, however, agree that the interest due for not less than oneyear shall be added to the capital, and that the whole shall bearinterest, but such agreement must be made in writing.Commercial usage for the calculation of compound interest incurrent accounts, as well as in similar commercial transactions,are not governed by the forgoing paragraph. (Section 655, Civiland Commercial Code)
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