Book3 Title09 Chapter02 Part02

DRAFT: CIVIL AND COMMERCIAL CODE FOR KINGDOM OF SIAM

BOOK III ON SPECIFIC CONTRACTS. (April 1924)

• Reconstructed from the Documents in Vols. 86, 87, 88, and 89 of “The Archives of the History of Thai Codification”.
• For the details, please, refer to the "Introductory Notes" to the "Reconstructed Book III on Specific Contracts".

TITLE IX. Loan.

Chapter II. Loan for Consumption.

Section 721.

• No loan of money for a sum exceeding two hundred baht in capital may be proved unless there be some written evidence signed by the borrower.

《Genealogies》

1. Draft of 1919: Ob.653
2. Code of January 1925: 653
3. Code of January 1929: 653

Section 722.

• Interest shall not exceed 15% per year; when a higher rate of interest is fixed by the contract, it shall be reduced to 15% per year.

《Genealogies》

1. Draft of 1919: Ob.654
2. Code of January 1925: 654
3. Code of January 1929: 654

Section 723.

• Interest shall not bear interest. <But> The parties to a loan of money[, however,] may, at the end of each <succeeding> year, agree that the interest <due> shall be added to the capital, and that the whole shall bear interest, <provided that>[but] any such agreement [must] be made in writing.

《Genealogies》

1. Draft of 1919: Ob.655
2. Code of January 1925: 655
3. Code of January 1929: 655

Section 724.

• If a contract of loan of money is made and the borrower, instead of money, accepts goods or negotiable instruments, the amount of the loan shall be taken as the actual value of the goods or negotiable instruments at the time of delivery.

《Genealogies》

1. Draft of 1919: Ob.656
2. Code of January 1925: 656
3. Code of January 1929: 656