Contract law. Loan agreement (most important)

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Contract law. Loan agreement (most important)

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53. LOAN AGREEMENT

By virtue of loan agreement a bank or other credit organization (creditor) undertakes to provide funds (credit) to the borrower in the amount and on the terms stipulated by the agreement, and the borrower undertakes to return the received amount of money and pay interest on it.

The contract is:

1) consensual;

2) paid - the loan fee is expressed as a percentage, which is established under the agreement;

3) mutual.

Parties to the agreement:

1) creditor (lender) - it can only be a bank or other credit organization that has an appropriate license from the Central Bank of the Russian Federation to carry out such operations;

2) borrower - any person receiving funds for business or consumer purposes.

Subject of the loan agreement are non-cash money (cash), i.e., the right to claim, and not things.

Contract price (the amount of interest) is determined by the agreement, and in the absence of special instructions in it - by the refinancing rate.

An essential condition of the loan agreement is the term of the contract.

Form of contract - written.

Feature content of the contract is the possibility of unilateral refusal to fulfill the concluded agreement on the part of both the lender and the borrower. The lender has the right to unilaterally refuse to issue a loan in whole or in part in the presence of circumstances that clearly indicate the impossibility of repaying the loan amount on time. The borrower also has the right to refuse to receive the agreed loan in whole or in part, and without motive.

He is only obliged to notify the creditor of his refusal before the deadline for granting the loan established by the agreement. If the lender has losses due to the refusal of the borrower, then their compensation is possible only if there is an appropriate condition in a particular loan agreement.

Rights and obligations of the creditor:

1) is obliged to provide non-cash funds to the borrower in accordance with the terms of the concluded agreement;

2) have the right to demand payment of interest on the loan;

3) have the right to refuse to issue a loan.

Rights and obligations of the borrower:

1) is obliged to repay the received credit;

2) is obliged to pay the interest stipulated by the agreement or the law for its use;

3) have the right to refuse to receive a loan.

Types of loan agreement:

1) target - for specific purposes;

2) current account (overdraft) - payment by the bank of the claims of its client's creditors even in the absence of funds in his account;

3) on-call - the use of a loan from a specially opened account with collateral.

Author: Rezepova V.E.

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