Corporations and Partnerships with Respect to Ribbit: Difference between revisions
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Corporations and Partnerships with Respect to Ribbit (view source)
Revision as of 21:32, 23 June 2020
, 23 June 2020→If There Are Losses
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# With the heter iska, it is stipulated that if the agent doesn't want to swear about his loses he can instead pay the agreed sum of money. | # With the heter iska, it is stipulated that if the agent doesn't want to swear about his loses he can instead pay the agreed sum of money. | ||
# It is permitted for the agent to pay and not to swear even if he knows that he lost money and didn’t make that amount.<ref>Milveh Hashem 2:12:20, Chachmat Adam 142:10, Chelkat Binyamin Kuntres Heter Iska n. 12</ref> | # It is permitted for the agent to pay and not to swear even if he knows that he lost money and didn’t make that amount.<ref>Milveh Hashem 2:12:20, Chachmat Adam 142:10, Chelkat Binyamin Kuntres Heter Iska n. 12</ref> | ||
# If the investor knows that the agent certainly lost money then it is forbidden for the investor to claim that the agent should swear or pay him the agreed amount. Furthermore, he can't even accept any extra money even if the agent offers it.<ref>Chelkat Binyamin Kuntres Heter Iska n. 13 citing Teshurat Shay 23, Harei Besamim 2:!43, | # If the investor knows that the agent certainly lost money then it is forbidden for the investor to claim that the agent should swear or pay him the agreed amount. Furthermore, he can't even accept any extra money even if the agent offers it.<ref>Igrot Moshe 2:62-63 s.v. vtzarich, Chelkat Binyamin Kuntres Heter Iska n. 13 citing Teshurat Shay 23, Harei Besamim 2:!43, </ref> | ||
#Therefore, to avoid any issue the heter iska generally is written in a way that enables the investor to acquire a portion of all property and commodities of the agent then it is permitted since it generally true that the investor will be unaware of some business, property, or commodity of the agent. In such a case it will be nonetheless permitted to have the agent either swear that he didn't gain or pay the stipulated amount. If even with this stipulation the investor knows that the borrower didn't make the profits discussed by the transaction in any of his businesses, properties, or commodities then he may not pay the stipulated amount.<ref>Chelkat Binyamin Kuntres Heter Iska n. 13 </ref> | #Therefore, to avoid any issue the heter iska generally is written in a way that enables the investor to acquire a portion of all property and commodities of the agent then it is permitted since it generally true that the investor will be unaware of some business, property, or commodity of the agent. In such a case it will be nonetheless permitted to have the agent either swear that he didn't gain or pay the stipulated amount. If even with this stipulation the investor knows that the borrower didn't make the profits discussed by the transaction in any of his businesses, properties, or commodities then he may not pay the stipulated amount.<ref>Chelkat Binyamin Kuntres Heter Iska n. 13 </ref> | ||
====Obligation of the Agent to Watch the Money==== | ====Obligation of the Agent to Watch the Money==== | ||
# The agent investing the money on behalf of the investor is considered a paid watchman ([[shomer]]) since he is being paid for his work.<ref>Shulchan Aruch Y.D. 177:5</ref> | # The agent investing the money on behalf of the investor is considered a paid watchman ([[shomer]]) since he is being paid for his work.<ref>Shulchan Aruch Y.D. 177:5</ref> | ||
