Civil law. Part II. Rights and obligations of the parties under the loan agreement (the most important)

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Civil law. Part II. Rights and obligations of the parties under the loan agreement (the most important)

Lecture notes, cheat sheets

Directory / Lecture notes, cheat sheets

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79. RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THE LOAN AGREEMENT

Borrower Responsibilities:

▪ return to the lender the loan amount or an equal number of other things of the same kind and quality received by him (clause 1 of Article 807, clause 1 of Article 810 of the Civil Code);

▪ provide the lender with a receipt or other document certifying the latter’s transfer to him of a certain amount of money or a certain number of things (clause 2 of Article 808 of the Civil Code);

▪ ensure that the lender can exercise control over the intended use of the loan amount for a targeted loan (clause 1 of Article 814 of the Civil Code);

▪ pay the lender, upon repayment of the loan amount, interest on the loan amount in the amount and in the manner determined by the agreement (clause 1 of Article 803 of the Civil Code), or pay them monthly until the day of repayment of the loan amount in the absence of another agreement (clause 2 of Art. 809 Civil Code).

The borrower has the right challenge the loan agreement for its lack of money, proving that money or other things were not actually received by him from the lender or received in a smaller amount than indicated in the agreement (clause 1 of article 812 of the Civil Code).

The lender is obliged transfer money or other things defined by generic characteristics to the borrower in accordance with the loan agreement (clause 1 of article 807 of the Civil Code).

Lender's rights:

▪ receive interest from the borrower on the loan amount in the amount and in the manner specified in the loan agreement (clause 1 of Article 809 of the Civil Code);

▪ enter into a government loan agreement by purchasing issued government bonds or other government securities certifying the lender’s right to receive from the borrower the funds lent to him and the established interest;

▪ demand from the borrower the early repayment of the entire remaining loan amount along with the interest due if the latter violates the deadline established for the repayment of the next part of the loan, if the agreement provides for the repayment of the loan in parts - in installments (clause 2 of Article 811 of the Civil Code);

▪ demand from the borrower early repayment of the loan amount and payment of interest due in case of failure to fulfill the obligations stipulated by the contract to ensure the return of the loan amount, as well as in the event of loss of security (for example, the guarantor went bankrupt) or deterioration of its conditions (for example, depreciation of the collateral) according to the circumstances , for which the lender is not responsible (clause 813 of the Civil Code);

▪ demand from the borrower early repayment of the loan amount and payment of interest due in the event of misuse of the loan, as well as in case of violation of the obligations provided for in paragraph 1 of Art. 814 Civil Code (clause 2 of Article 814 Civil Code).

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