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Interest with Non-Jews: Difference between revisions
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→Selling a Non-Jew's Debt to Another Jew
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===Selling a Non-Jew's Debt to Another Jew=== | ===Selling a Non-Jew's Debt to Another Jew=== | ||
# If one Jew lent money to a non-Jew with interest he can then sell that loan to another Jew and he should stipulate that this is a complete sale of the loan and they will no longer have any claims upon each other. Thereby the buyer becomes the new lender to the non-Jew and can collect interest.<ref>Shulchan Aruch 168:18. When there is no security deposit, the Shach 168:62 explains that the mechanism isn't exactly a sale since one can't really sell the debt to another Jew. Rather one is forgiving the non-Jew from paying him back. Then the non-Jew can pay the second Jew as he is "considered" according to their intention to be the new lender. In Shach 168:63 he clarifies that he doesn't need to inform the non-Jew of that which he forgave. Netivot Shalom 168:18:9 explains that even though the non-Jew will be paying the second Jew in error he can collect it.</ref> When there is a security deposit from the non-Jew that would have to be transferred to the second Jew with the same stipulation that it is a complete sale and they have no claims upon each other.<ref>Shulchan Aruch Y.D. 168:18</ref> According to Ashkenazim it isn't necessary to make such a clear stipulation since it is assumed that this is the stipulation.<ref>Rama 168:18 following the Mordechai and Rosh teshuva</ref> | # If one Jew lent money to a non-Jew with interest he can then sell that loan to another Jew and he should stipulate that this is a complete sale of the loan and they will no longer have any claims upon each other. Thereby the buyer becomes the new lender to the non-Jew and can collect interest.<ref>Shulchan Aruch 168:18. When there is no security deposit, the Shach 168:62 explains that the mechanism isn't exactly a sale since one can't really sell the debt to another Jew. Rather one is forgiving the non-Jew from paying him back. Then the non-Jew can pay the second Jew as he is "considered" according to their intention to be the new lender. In Shach 168:63 he clarifies that he doesn't need to inform the non-Jew of that which he forgave. Netivot Shalom 168:18:9 explains that even though the non-Jew will be paying the second Jew in error he can collect it. Shach 168:63 is in disagreement with the Bach who thinks that it is necessary to alert the non-Jew.</ref> When there is a security deposit from the non-Jew that would have to be transferred to the second Jew with the same stipulation that it is a complete sale and they have no claims upon each other.<ref>Shulchan Aruch Y.D. 168:18</ref> According to Ashkenazim it isn't necessary to make such a clear stipulation since it is assumed that this is the stipulation.<ref>Rama 168:18 following the Mordechai and Rosh teshuva</ref> | ||
# A Jew who lent to a non-Jew with interest can sell the non-Jew's loan from a certain date going forward. The first Jew would collect the interest until that date and the second from that date and on.<ref>Tur 168:18</ref> | # A Jew who lent to a non-Jew with interest can sell the non-Jew's loan from a certain date going forward. The first Jew would collect the interest until that date and the second from that date and on.<ref>Tur 168:18</ref> | ||
# A Jew who lent a non-Jew for a certain percent he can sell that loan at a lower percent. For example, if the first Jew lent a non-Jew $100 for 10% a year and then resold that debt to another Jew for 5% a year.<ref>Levush, Shach, Chachmat Adam against Taz</ref> | # A Jew who lent a non-Jew for a certain percent he can sell that loan at a lower percent. For example, if the first Jew lent a non-Jew $100 for 10% a year and then resold that debt to another Jew for 5% a year.<ref>Levush, Shach, Chachmat Adam against Taz</ref> | ||
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# A Jew who lent a non-Jew money for interest can sell that debt to a Jew but can't stipulate that he'll sell that debt if the Jew also gives him an additional interest free loan.<ref>The Taz 168:24 in disagreeing with the Levush forbids this. Shach in Nekudat Hakesef and Chachmat Adam cited by Chelkat Binyamin 168:151 are lenient. Netivot Shalom 168:18:14:1 questions the Shach from Shulchan Aruch 166:3 and answers it. Chavot Daat 168:34 forbids because of Shulchan Aruch 160:23 and 172:4. Chelkat Binyamin thinks that even the Shach accepts part of the argument of the Chavot Daat and would forbid anytime that sale of the debt is at a lower price because of the fact that he is also receiving an interest free loan.</ref> | # A Jew who lent a non-Jew money for interest can sell that debt to a Jew but can't stipulate that he'll sell that debt if the Jew also gives him an additional interest free loan.<ref>The Taz 168:24 in disagreeing with the Levush forbids this. Shach in Nekudat Hakesef and Chachmat Adam cited by Chelkat Binyamin 168:151 are lenient. Netivot Shalom 168:18:14:1 questions the Shach from Shulchan Aruch 166:3 and answers it. Chavot Daat 168:34 forbids because of Shulchan Aruch 160:23 and 172:4. Chelkat Binyamin thinks that even the Shach accepts part of the argument of the Chavot Daat and would forbid anytime that sale of the debt is at a lower price because of the fact that he is also receiving an interest free loan.</ref> | ||
# The Jew can resell the non-Jew's debt for a lower interest rate than the non-Jew is giving him.<ref>Rama 168:18</ref> | # The Jew can resell the non-Jew's debt for a lower interest rate than the non-Jew is giving him.<ref>Rama 168:18</ref> | ||
# It is permitted for the buyer of the debt to leave the non-Jew's security deposit in the hands of the original Jewish lender. The responsibility of the security deposit is now upon the second Jew but if they stipulated that the first Jew would have responsibility then he does.<ref>Rama 168:18. Shach 168:58 notes that in such a case it is necessary to do a formal sale of the loan in order for him to leave the security deposit with the first Jew.</ref> | |||
===Interest Gifted to A Jew or Non-Jew=== | ===Interest Gifted to A Jew or Non-Jew=== | ||
