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November 26, 2014 / 4 Kislev, 5775
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Loan Conversion

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“That would be sufficient, since this expresses clear sincerity in the agreement,” explained Rabbi Dayan. “Alternatively, the investor and recipient can make a kinyan sudar that the investment will now be in accordance with the rules of heter iska. Some recommend doing both, drafting a heter iska and making a kinyan.” (Dagul M’revava Y.D. 177:19; Bris Yehuda 35:5[19])

“Does this work retroactively?” asked Ezra. “What about the two months that passed?”

“Restructuring the loan as an iska agreement only affects it for the future,” concluded Rabbi Dayan, “but it does not allow taking ribbis for the previous time.” (Bris Yehuda 40:23)

“Do you have a copy of a heter iska?” asked Ezra.

“I’ll be happy to e-mail you one,” said Rabbi Dayan. “Just give me your address.”

Ezra gave Rabbi Dayan his e-mail address. “Thank you,” he said. “I’ll be sure to take care of it promptly.”

About the Author: Rabbi Meir Orlian is a faculty member of the Business Halacha Institute, headed by HaRav Chaim Kohn, a noted dayan. To receive BHI’s free newsletter, Business Weekly, send an e-mail to subscribe@businesshalacha.com. For questions regarding business halacha issues, or to bring a BHI lecturer to your business or shul, call the confidential hotline at 877-845-8455 or e-mail ask@businesshalacha.com.


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2 Responses to “Loan Conversion”

  1. Romi Itzik says:

    עם הלכת גלות הלכה המדינה והציונות

  2. It's just easier to adopt the rule, "Never loan money to your friends". You'll keep your money and your friends that way.

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Dovid turned to the other people sitting at his table. “I’m revoking my hefker of the Chumash,” he announced. “I want to keep it.”

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“That’s what I thought, so I returned the money to Aharon,” said Reuven. “But this morning, Shimon, who owes me $70, told me he left $70 for me under the table last week! Now I don’t know whether the $70 was connected to the note, and was Aharon’s for the purchase of sefarim, or was repayment to me from Shimon, unrelated to the note.”

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“ ‘We’re almost out of stamps,’ I said. ‘I’ll be happy to run over to the post office and pick up a supply.’ ”

Noach felt a tug, and then heard a rip. His jacket had been caught on the nail, and the beautiful suit had a tear.

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