Legal encyclopedia. Letter K

CREDIT AGREEMENT

- a civil law agreement according to which a bank or other credit organization (creditor) undertakes to provide monetary funds (credit) to a borrower in the amount and on terms stipulated by the contract, and the borrower undertakes to return the received money amount and pay interest on it (clause 1 art. 819 Civil Code of the Russian Federation).

KD is a variant of the loan agreement, accordingly, the rules of the Civil Code regulating the loan are spread over it.

Parties to the contract - a creditor, which is a bank or other credit institution that has a license of the Bank of Russia for all or a few banking transactions; A borrower that receives cash for business or consumer purposes.

The subject of the contract are cash. KD must be concluded in writing. Failure to comply with the written form entails its invalidity. Such a contract is considered null and void.

In the event that KD includes conditions on mortgage of real estate, such a contract must be notarized and registered in accordance with the procedure established by the legislation of the Russian Federation.

Term is an essential condition of the contract. Depending on its duration, distinguish:

1) short-term contracts (up to 1 year);

2) long-term contracts (more than 1 year). If it is obvious that the

The borrower will not be refunded in a timely manner, the credit organization has the right to refuse to extend the loan in whole or in part. The borrower has the right to refuse to receive all or part of the loan without any argumentation, notifying the lender about it before the established time for granting the loan.

Any period before the onset of the loan, with the expiration of which the notification of the borrower about the refusal to obtain a loan is not valid, is not established. Such a period can be specified in K.D.

KD may contain conditions prohibiting the borrower from refusing the loan or obliging him in this case to reimburse the lender for losses incurred due to the dissolution or change by the borrower K.D.

The parties may conclude a contract that provides for the duty of one party to provide the other party with things specified by generic characteristics - the commodity loan agreement. The subject of the contract are agricultural products, semi-finished products, combustive-lubricating materials. Conditions on quantity, assortment, quality, container are solved in accordance with the rules of the contract of sale.

According to paragraph 1 of Art. 823 of the Civil Code of the Russian Federation by contracts, the execution of which is connected with the transfer of money or other things determined by generic characteristics to the other party, credit may be provided, including in the form of advance payment, advance payment, deferral and payment by installments for goods, works or services (commercial Credit), unless otherwise provided by law.

Unlike the provision of a loan, commercial lending is not carried out under an independent contract, but in fulfillment of obligations to sell goods, perform work or provide services. A commercial loan can be provided by the buyer to the seller in the form of an advance or prepayment of goods or, conversely, by the seller to the buyer by granting a deferral (installment plan) for payment of the purchased goods.