254 - Debts and their repayments

Agni said: 

1-4. A debtor may pay the borrowed money to a creditor in instalments. One has to pay) to the king after paying to a brahmin first. It is said that the debtorshould be made to pay ten percent of the loan by the king (as fine). In case the debtor had realised his money back, five percent of the amount)should be made payable (to the king). (A debtor belonging to) the low caste and impoverishedshould be made to work in lieu of the debt. A brahmin (debtor) who is impoverishedshould be made to pay leisurely after the betterment. The money that the creditor does not accept when offered,should be deposited with an arbitrator and it would cease to bear any interest. 

5. One that inherits a property, as well as the wife of a deceased person that inherits the propertyshould be made to pay the (incurred) debt. The debt of a sonless owner of a property (should be paid) by the person that inherits the property. 

6-7. The debt that is incurred on an undivided family for the sake of the familyshould also be paid similarly (by the person that inherited that property). When the head of a family is dead or had gone. abroad, itshould be done similarly). The wife (is) not (bound to repay) (the loan incurred by the husband or the sons and the father (is not bound to repay) the loan incurred by the son. The husband need not repay the loan incurred by the wife unless it has been taken) for the sake of the family. 

8. The husbands of the women of the gopa (a guard), Saundika (a distiller and seller of spirituous liquors), Sailusha (an actor or dancer), rajaka (a washerman) or vyadha (a hunter) (castes)should repay the loan incurred by them because their livelihood is dependent on them (those women). 

9. The wife need not repay any other loan except that (incurred by her husband) with her consent, or that incurred jointly with her husband ar that incurred by herself. 

10. When the father has gone abroad, is dead, overpowered by misfortune, the loan (incurred by him)should be paid by the sons and grandsons. If (the loan incurred by the father) is not known (to the son), (itshould be paid) on being established by the witness. 

11. The son need not repay the debt incurred by the father by drinking or wenching or by way of the balance of fine inflicted by the court or by making improper gifts. 

12. A loanshould be got by a member of the undivided family against the surety of the brothers, the husband and wife, the father or the son. 

13. A surety consists in being a witness, or in giving a guarantee (for the repayment of a debt). When a property is pledged by a person that has no right of possession, the sons of that mortgagershould be liable to repay (the incurred loan).' 

14-16. The sons of the deceased persons who had been sureties as witnesses or as guarantors, necd not pay that money. But those who had induced to make the paymentshould pay (in similar cases). In case if there were many guarantors to an advance made, the guarantorsshould be made to pay their respectiveshares. A creditor will have the choice (of realising his dues) from any one of the sureties of the joint bond. A debtorshould pay double the amount to his surety, in casc if the latter pays the loan with the knowledge of the debtor. 

17. If the hypothecated thing is one's own progeny or the wife or cattle or grains, double the amount (has to be paid to redeem). It is said that four times that in the case of dressing material and eight times that in the case of condiments (has to be paid to redeem). 

18. A mortgageshall be forfeited if that is not redeemed by paying double the amount. (The right for redemption) would cease at the lapse of the period agreed upon at the time of the mortgage. But it would not cease if enjoyments of the proceeds have been ageed upon. 

19-20. Interest need not be paid on a thing left as a deposit or in a deposit that has been left for enjoyment. (If the mortgaged property) is lost on account of any reason other than fate or the king, itshould be restored (to its original state). On the acceptance of the hypothecated property (by the mortgagee), it becomes valid. If (the mortgaged property) being governed, gets deteriorated, a different propertyshould be mortgaged. Otherwise the creditorshould be paid money (in lieu of it). 

21. Moncy borrowed by pledging one's character,should be repaid together with interest. Money borrowed on a solemn affirmationshould be returned double (that). 

22-24. (A mortgaged property)should be released (by the mortgagee), when it is sought for. Otherwise he would be liable for punishment. If the money-lender belongs to one's own family (and advances money on the security) of one of his coparceners, heshould be looked upon as a mortgagee. The value (of that property)should be determined according to the market at that time and itshould remain without any interest. The property may be sold without the consent) of the debtor in his very presence, if the debt on the mortgage gets doubled. The mortgaged propertyshould be relcased if double the amount is produced (by the debtor). 

25-27. A packet that has been entrusted with another without disclosing its contents is (said to be) a deposit and itshould be returned in the same condition. If it (the contents of that packet) has been destroyed by (the acts of) the king, fate or the robbers, it need not be restored. If that is found after search and the custodian returns it after being urged to do so), (the custodian)should be punished to pay an amount equal to that. If the custodian wilfully derives benefit (from that), he is punishable andshould pay together with the benefit. The same rule (holds good) in the case of deposits such as yachita, ahita and nyåsa.