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 19:26, 13 July 2020
, 13 July 2020→Rolling Over a Iska Upon its Maturity
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# Many poskim hold that upon maturity date of the iska if the investor and agent don't stipulate what to do or actually return the money, it is considered to be assumed that the same iska setup will continue. In other words, the first iska rolls over into another iska unless otherwise stipulated.<ref>Taz 177:14, 177:31, Chelkat Binyamin 177:112. This is regarding a regular iska with part loan and part investment. In Chelkat Binyamin (Biurim s.v. muter p. 650) he quotes a dispute between the Imrei Esh 56 and Bet Yitzchak 2:7 whether a heter iska of the Maharam would rollover to another iska. However, that was specifically because the arrangement was such that there was a period of investment and then a period of loan and the dispute was whether it would automatically rollover to another deal with the same conditions.</ref> | # Many poskim hold that upon maturity date of the iska if the investor and agent don't stipulate what to do or actually return the money, it is considered to be assumed that the same iska setup will continue. In other words, the first iska rolls over into another iska unless otherwise stipulated.<ref>Taz 177:14, 177:31, Chelkat Binyamin 177:112. This is regarding a regular iska with part loan and part investment. In Chelkat Binyamin (Biurim s.v. muter p. 650) he quotes a dispute between the Imrei Esh 56 and Bet Yitzchak 2:7 whether a heter iska of the Maharam would rollover to another iska. However, that was specifically because the arrangement was such that there was a period of investment and then a period of loan and the dispute was whether it would automatically rollover to another deal with the same conditions.</ref> | ||
#If an iska matured and there were profits unless the agent specifies with the investor about those profits that a part belongs to him and only the money that is disbursed to the investor rolls over to the next iska, it continues to be treated as one iska with splitting all the profits according to the original stipulation.<ref>Nemukei Yosef b"m 40b s.v. tanya cites a dispute between Tosfot and the Rambam whether the iska converts into a part partnership and part iska or remains complete iska. He says that Tosfot thinks it automatically developments into a part partnership since the original profits are split and then the new iska is only within the dividend that the investor received. However, the Rambam Sheluchin ch. 8 thinks that it remains a complete iska unless the agent specifies or stipulates with a bet din otherwise. Shulchan Aruch 177:23 follows the Rambam.</ref> | #If an iska matured and there were profits unless the agent specifies with the investor about those profits that a part belongs to him and only the money that is disbursed to the investor rolls over to the next iska, it continues to be treated as one iska with splitting all the profits according to the original stipulation.<ref>Nemukei Yosef b"m 40b s.v. tanya cites a dispute between Tosfot and the Rambam whether the iska converts into a part partnership and part iska or remains complete iska. He says that Tosfot thinks it automatically developments into a part partnership since the original profits are split and then the new iska is only within the dividend that the investor received. However, the Rambam Sheluchin ch. 8 thinks that it remains a complete iska unless the agent specifies or stipulates with a bet din otherwise. Shulchan Aruch 177:23 follows the Rambam.</ref> | ||
# If an iska matured<ref>Chelkat Binyamin 177:261 based on Chazon Ish and Shitah Mikubeset Bava Metsia 105a. The Chelkat Binyamin explains that it doesn't matter if in middle of the investment term the agent were to return losses or gains only the net gain or loss is judged at the end of the term.</ref> and there were losses and the agent didn't tell the investor and left the arrangement in place to roll over to a new iska, halacha views it as one long iska. Therefore, if there were losses in the first term and then gains in the second term, they aren't judged independently according to the gains and losses conditions, rather the losses are deducted from the gains and then the net result is judged by the gains and losses conditions.<Ref>Gemara Bava Metsia 105a, Shulchan Aruch Y.D. 177:34, Shach 177:61, Taz 177:40. The reason is that since the agent willing continued to invest the money and didn't tell the investor about the losses out of embarrassment he willing indebted his future profits to makeup for the losses of the first term of the iska.</ref> The same is true of the opposite case where he gained in the first term and lost in the second term that we judge only net gains or losses.<ref>Chelkat Binyamin 177:262. Even though the reason of the gemara that the agent was embarrassed doesn't apply here, another reason applies; that is, the profits are "indebted" to the iska and therefore reinvested and not judged independently.</ref> | |||
# If the agent stipulated that the profits or losses from the first term are going to be judged independent of the second term they follow that stipulation.<ref>Rama 177:34</ref> | |||
====Disputes Between Investor and Agent==== | ====Disputes Between Investor and Agent==== | ||
