Chapter 42. Loan and credit.
Article 807. Loan Agreement
1. Under a loan agreement, one party (lender) transfers to the other party (borrower) money or other things determined by generic characteristics, and the borrower undertakes to return the same amount of money (loan amount) or an equal amount of other things of the same kind to the lender and quality.
The loan agreement is considered concluded from the moment of transfer of money or other things.
2. Foreign currency and currency values may be subject to a loan agreement on the territory of the Russian Federation in compliance with the rules of articles 140, 141 and 317 of this Code.
Article 808. The form of the loan agreement.
1. A loan agreement between citizens must be concluded in writing, if its amount exceeds not less than ten times the minimum wage established by law, and in the case where the lender is a legal entity, regardless of the amount.
2. In confirmation of the loan agreement and its conditions, a receipt of the borrower or another document certifying the transfer by the lender of a certain sum of money or a certain amount of things can be presented.
Article 809. Interest on loan agreement.
1. Unless otherwise provided by a law or loan agreement, the lender shall have the right to receive from the borrower interest on the loan amount in the amounts and in the manner determined by the agreement. If there is no condition in the contract on the amount of interest, their size is determined by the lender’s place of residence, and if the lender is a legal entity, the bank’s interest rate (refinancing rate) on the day of payment of the borrower of the debt amount or its corresponding part is at its location.
2. Unless otherwise agreed, interest shall be paid monthly until the day on which the loan amount is repaid.
3. The loan agreement is assumed to be interest-free, unless expressly provided otherwise in it, in cases where:
the contract has been concluded between citizens for an amount not exceeding fifty times the statutory minimum wage, and is not related to the entrepreneurial activity of at least one of the parties;
according to the contract, the money is not transferred to the borrower, but other things determined by generic characteristics.
Article 810. The obligation of the borrower to return the loan amount.
1. The borrower is obliged to return to the lender the amount of the loan received on time and in accordance with the procedure provided for by the loan agreement.
In cases where the maturity date is not fixed by the contract or determined by the moment of demand, the loan amount must be returned by the borrower within thirty days from the date the lender makes a request for this, unless otherwise provided by the contract.
2. Unless otherwise provided by the loan agreement, the amount of the interest-free loan may be returned by the borrower ahead of schedule.
The interest loan amount can be repaid ahead of time with the lender’s consent.
3. Unless otherwise provided by the loan agreement, the loan amount shall be deemed to be returned at the time of its transfer to the lender or crediting the relevant funds to its bank account.
Article 811. Consequences of a breach of a loan agreement by a borrower.
1. Unless otherwise provided by law or loan agreement, in cases where the borrower does not return the loan amount in time, interest is payable on this amount in the amount provided for by paragraph 1 of Article 395 of this Code from the day it was to be returned, until the day of its return to the lender, regardless of the interest payment, stipulated by paragraph 1 of Article 809 of this Code.
2. If the loan agreement provides for loan repayment in installments (by installments), then if the borrower violates the deadline set for the return of the next part of the loan, the lender has the right to demand early repayment of the entire remaining loan amount, together with the interest due.
Article 812. Contesting a loan agreement.
1. The borrower has the right to dispute the loan agreement for its cashlessness, arguing that money or other things were not actually received by him from the lender or received in a smaller amount than specified in the contract.
2. If a loan agreement is to be made in writing (Article 808), it is not allowed to dispute on lack of money by means of testimony, unless the contract was concluded under the influence of fraud, violence, threat, malicious agreement of the representative of the borrower with the lender or confusion harsh circumstances.
3. If, in the process of challenging the loan agreement by the borrower, according to his cashlessness, it is established that money or other things were not actually received from the lender, the loan agreement shall be deemed not concluded. When money or things are actually received by the borrower from the lender in a smaller amount than specified in the contract, the contract is considered concluded for that amount of money or things.
Article 813. Consequences of the loss of the collateral obligations of the borrower.
If the borrower fails to fulfill the obligations stipulated in the loan agreement to secure repayment of the loan amount, as well as if the security is lost or its conditions deteriorate due to circumstances for which the lender is not responsible, the lender may require the borrower to repay the loan ahead of schedule and pay the interest due, unless otherwise provided by the contract .
Article 814. Trust Loan.
1. If the loan agreement is concluded with the condition that the borrower uses the received funds for certain purposes (special purpose loan), the borrower is obliged to ensure that the lender can control the targeted use of the loan amount.
2. If the borrower fails to fulfill the terms of the loan agreement on the targeted use of the loan amount, as well as in violation of the obligations provided for in paragraph 1 of this article, the lender may require the borrower to repay the loan amount and pay the interest due early, unless otherwise provided by the contract.
Article 815. Bill of Exchange.
In cases where, in accordance with the agreement of the parties, the borrower issued a bill certifying the unconditional obligation of the drawer (promissory note) or other payer specified in the bill (bill of exchange) to pay the loan amounts due to the term stipulated by the bill of exchange, about transferable and promissory note.
From the moment of issuance of the bill of exchange, the rules of this section may be applied to these relations insofar as they do not contradict the law on the bill of exchange and the bill of exchange.
Article 816. Bond.
In cases stipulated by law or other legal acts, a loan agreement may be concluded by issuing and selling bonds.
A bond is a security certificate certifying the right of its holder to receive from the person who issued the bond, within the period specified by it, the nominal value of the bond or other property equivalent. A bond also grants its holder the right to receive a fixed percentage of the par value of the bond or other property rights.
The relations between the person who issued the bond and its holder apply the rules of this paragraph insofar as it is not otherwise provided by law or in the procedure established by him.
Article 817. State Loan Agreement.
1. Under a state loan agreement, the borrower is the Russian Federation, a constituent entity of the Russian Federation, and the lender is a citizen or legal entity.
2. Government loans are voluntary.
3. A state loan contract is concluded by the lender acquiring government bonds issued or other government securities certifying the lender’s right to receive from the borrower the funds provided to him or, depending on the loan terms, other property, established interest or other property rights in time stipulated by the terms of the loan issue into circulation.
4. Changing the conditions of a loan issued in circulation is not allowed.
5. The rules on a state loan agreement are applied accordingly to loans issued by a municipal entity.
Article 818. Novation of a debt into a loan obligation.
1. By agreement of the parties, debt arising from the sale or purchase, rental of property or other grounds may be replaced by a borrowed obligation.
2. Replacement of debt with a loan obligation is carried out in compliance with the requirements of novation (article 414) and is carried out in the form provided for the conclusion of a loan agreement (article 808).
Article 819. Loan Agreement.
1. Under a loan agreement, a bank or other credit organization (lender) undertakes to provide funds (credit) to the borrower in the amount and on the conditions stipulated by the agreement, and the borrower undertakes to return the amount of money received and pay interest on it.
2. The rules provided for in paragraph 1 of this chapter apply to relations under a credit agreement, unless otherwise provided by the rules of this paragraph and follows from the essence of the credit agreement.
Article 820. The form of the loan agreement.
The loan agreement must be concluded in writing.
Failure to comply with the written form entails the invalidity of the loan agreement. Such a contract is considered void.
Article 821. Refusal to provide or receive a loan.
1. The lender has the right to refuse to provide the borrower with the loan provided for in the loan agreement in whole or in part in the presence of circumstances that obviously indicate that the amount provided to the borrower will not be repaid on time.
2. The borrower shall have the right to refuse to receive the loan in full or in part, notifying the lender about this before the time period for granting it, unless otherwise provided by law, other legal acts or the loan agreement.
3. In case of violation by the borrower of the obligation for the targeted use of a loan provided for in the loan agreement (Article 814), the lender is also entitled to refuse further lending to the borrower under the agreement.
Article 822. Commodity Credit.
The parties may conclude an agreement providing for the obligation of one party to provide the other party with things defined by generic characteristics (commodity loan agreement). The rules of paragraph 2 of this chapter shall apply to such a contract, unless otherwise provided by such a contract and does not follow from the substance of the obligation.
The conditions on quantity, assortment, completeness, quality, packaging and (or) on the packaging of the items provided must be fulfilled in accordance with the rules on the contract of sale of goods (articles 465 - 485), unless otherwise provided by the commodity loan agreement.
Article 823. Commercial Credit.
1. Agreements whose execution involves the transfer to the other party of money or other things determined by generic characteristics may provide for a loan, including in the form of an advance, advance payment, deferment and installment payment for goods, works or services (commercial loan ), unless otherwise provided by law.
2. The rules of this chapter apply accordingly to a commercial loan, unless otherwise provided by the rules on the contract from which the corresponding obligation arose and does not contradict the substance of such an obligation.
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