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 21:26, 23 June 2020
, 23 June 2020→If There Are Losses
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# 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, Igrot Moshe 2:62-63</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, Igrot Moshe 2:62-63</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 | #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> | ||
====If the Agent Breaks the Stipulations==== | ====If the Agent Breaks the Stipulations==== | ||
# It is permitted to create whatever conditions the investor would like upon the agent and if the agent doesn't follow those conditions then the agent takes responsibility for all of the losses and the gains continue to be split as before. Indeed it is permitted for the gent to not follow these conditions.<ref>Rama Y.D. 177:5. It isn't considered as though the agent stole the money since he is doing so for the benefit of the investor (Shulchan Aruch Y.D. 177:5, Taz 177:10). </ref> It isn't considered more beneficial to the investor (''karov lsachar vrachok mhefsed'') since he can only gain and not lose because the original made it possible that it would been a regular iska.<ref>Shulchan Aruch Y.D. 177:5. Shach 177:17 clarifies that this is only permitted since an iska is only rabbinic interest to begin with.</ref> | # It is permitted to create whatever conditions the investor would like upon the agent and if the agent doesn't follow those conditions then the agent takes responsibility for all of the losses and the gains continue to be split as before. Indeed it is permitted for the gent to not follow these conditions.<ref>Rama Y.D. 177:5. It isn't considered as though the agent stole the money since he is doing so for the benefit of the investor (Shulchan Aruch Y.D. 177:5, Taz 177:10). </ref> It isn't considered more beneficial to the investor (''karov lsachar vrachok mhefsed'') since he can only gain and not lose because the original made it possible that it would been a regular iska.<ref>Shulchan Aruch Y.D. 177:5. Shach 177:17 clarifies that this is only permitted since an iska is only rabbinic interest to begin with.</ref> | ||
