De nautico faenore
(Concerning maritime interest.)
1 Modestinus libro decimo pandectarum. Traiecticia ea pecunia est quae trans mare vehitur: ceterum si eodem loci consumatur, non erit traiecticia. sed videndum, an merces ex ea pecunia comparatae in ea causa habentur? et interest, utrum etiam ipsae periculo creditoris navigent: tunc enim traiecticia pecunia fit.
1 Modestinus, Pandects, Book X. Money is transported which is carried across the sea. If, however, it is expended in the same place where it was lent, it cannot be designated as transported. Let us see, however, whether merchandise purchased with this money will be considered to occupy the same position. It makes a difference whether the merchandise is carried at the risk of the creditor, for then the money will be transported.
2 Pomponius libro tertio ex Plautio. Labeo ait, si nemo sit, qui a parte promissoris interpellari traiecticiae pecuniae possit, id ipsum testatione complecti debere, ut pro petitione id cederet.
2 Pomponius, On Plautius, Book III. Labeo says if there is no one who can be notified on the part of the promisor with reference to money which is to be transported, an instrument should be drawn up in the presence of witnesses, which will take the place of a notification.
3 Modestinus libro quarto regularum. In nautica pecunia ex eo die periculum spectat creditorem, ex quo navem navigare conveniat.
3 Modestinus, Rules, Book IV. In the case of money transported by sea, it is at the risk of the creditor from the day on which it is agreed that the ship will sail.
4 Papinianus libro tertio responsorum. Nihil interest, traiecticia pecunia sine periculo creditoris accepta sit an post diem praestitutum et condicionem impletam periculum esse creditoris desierit. utrubique igitur maius legitima usura faenus non debebitur, sed in priore quidem specie semper, in altera vero discusso periculo: nec pignora vel hypothecae titulo maioris usurae tenebuntur. 1Pro operis servi traiecticiae pecuniae gratia secuti quod in singulos dies in stipulatum deductum est, ad finem centesimae non ultra duplum debetur. in stipulatione faenoris post diem periculi separatim interposita quod in ea legitimae usurae deerit, per alteram stipulationem operarum supplebitur.
4 Papinianus, Opinions, Book III. It makes no difference whether the money to be transported is not at the risk of the creditor when it is received, or whether it ceases to be at his risk after a certain time, or upon the fulfillment of a certain condition; and therefore in either instance a higher rate of interest than is legal will not be due. In the first instance, a higher rate can never be demanded; in the second, when the risk has ceased to exist, neither pledges nor hypothecations can be retained for the purpose of collecting a higher rate of interest. 1If slaves should be sent with the money transported, for the purpose of collecting it when due, interest for every day mentioned in the stipulation will be payable to the limit of twelve per cent; but more than twice the amount cannot be collected. Where it was separately stated in the stipulation, with reference to the interest, when the money would be no longer at the creditor’s risk, whatever lawful interest was lacking in one clause will be supplied by the effect of the other.
5 Scaevola libro sexto responsorum. Periculi pretium est et si condicione quamvis poenali non exsistente recepturus sis quod dederis et insuper aliquid praeter pecuniam, si modo in aleae speciem non cadat: veluti ea, ex quibus condictiones nasci solent, ut ‘si non manumittas’, ‘si non illud facias’, ‘si non convaluero’ et cetera. nec dubitabis, si piscatori erogaturo in apparatum plurimum pecuniae dederim, ut, si cepisset, redderet, et athletae, unde se exhiberet exerceretque, ut, si vicisset, redderet. 1In his autem omnibus et pactum sine stipulatione ad augendam obligationem prodest.
5 Scævola, Opinions, Book VI. The price is for the risk incurred, and resembles the case where you are entitled to receive what you paid and something besides, under a condition (even though it be a penal one) which was not fulfilled, provided it does not depend upon chance; for instance, one from which personal actions are accustomed to arise, as, “If you manumit a slave, if you do not perform a certain act, if I do not recover my health,” etc. There will be no doubt that if, in order to equip a fisherman, I give him a certain sum of money on condition that he will repay me if he makes a good catch; or if I furnish money to an athlete in order that he may exhibit himself and practice his profession; on condition that, if he is successful, he will repay it. 1In all these instances, however, where an agreement is made without a stipulation, it causes the obligation to increase.
6 Paulus libro vicesimo quinto quaestionum. Faenerator pecuniam usuris maritimis mutuam dando quasdam merces in nave pignori accepit, ex quibus si non potuisset totum debitum exsolvi, aliarum mercium aliis navibus impositarum propriisque faeneratoribus obligatarum si quid superfuisset, pignori accepit. quaesitum est nave propria perempta, ex qua totum solvi potuit, an id damnum ad creditorem pertineat, intra praestitutos dies amissa nave, an ad ceterarum navium superfluum admitti possit. respondi: alias quidem pignoris deminutio ad damnum debitoris, non etiam ad creditoris pertinet: sed cum traiecticia pecunia ita datur, ut non alias petitio eius creditori competat, quam si salva navis intra statuta tempora pervenerit, ipsius crediti obligatio non exsistente condicione defecisse videtur, et ideo pignorum quoque persecutio perempta est etiam eorum, quae non sunt amissa. si navis intra praestitutos dies perisset, et condicionem stipulationis defecisse videri, ideoque sine causa de pignorum persecutione, quae in aliis navibus fuerunt, quaeri. quando ergo ad illorum pignorum persecutionem creditor admitti potuerit? scilicet tunc cum condicio exstiterit obligationis et alio casu pignus amissum fuerit vel vilius distractum vel si navis postea perierit, quam dies praefinitus periculo exactus fuerit.
6 Paulus, Questions, Book XXV. A broker who lent money at maritime interest, received certain merchandise which was in the ship by way of pledge, under the condition that if this was not sufficient to discharge the entire debt, he could have recourse to other merchandise loaded in different vessels, and which had already been pledged to other brokers with the understanding that if anything remained after they were satisfied, it would be considered pledged to the first broker. The question arose, if the first ship which contained sufficient merchandise to pay the entire debt should be lost, whether the loss should be borne by the creditor if the ship was destroyed within the days appointed to make the voyage; or whether he would still have a claim upon the merchandise which remained in the other ships. I answered that in other cases the diminution of the property pledged is at the risk of the debtor, and does not concern the creditor, but when money to be transported is paid on such a condition that the creditor will have no claim unless the vessel arrives safely at its destination within the specified time, the obligation of the loan itself, where the condition is not fulfilled, is held to be at an end; and therefore the right of the creditor to even those pledges which were not lost will be extinguished. If the ship should be lost within the specified time, and the condition of the stipulation is held not to have taken place, no question can then be raised with reference to the availability of the pledges which were in the other vessels. But when can the creditor claim possession of the other pledges? He will certainly be able to do so when the condition of the obligation is fulfilled; or the pledges which he first received have been lost by some accident, or sold at too low a price; or if the vessel should be lost after the time has passed during which he was bound to assume the risk.
7 Idem libro tertio ad edictum. In quibusdam contractibus etiam usurae debentur quemadmodum per stipulationem. nam si dedero decem traiecticia, ut salva nave sortem cum certis usuris recipiam, dicendum est posse me sortem cum usuris recipere.
7 The Same, On the Edict, Book III. There are certain contracts by which interest is due, just as in the case of a stipulation. For if I give ten aurei to be transported by sea, on condition that if the ship arrives safely I will be entitled to the principal together with a certain amount of interest, it must be held that I can receive the principal and interest.
8 Ulpianus libro septuagesimo septimo ad edictum. Servius ait pecuniae traiecticiae poenam peti non posse, si per creditorem stetisset, quo minus eam intra certum tempus praestitutum accipiat.
8 Ulpianus, On the Edict, Book LXXVII. Servius says that a penalty for money transported by sea cannot be demanded, if the creditor was to blame for not receiving it within the specified time.
9 Labeo libro quinto pithanon a Paulo epitomatorum. Si traiecticiae pecuniae poena (uti solet) promissa est, quamvis eo die, qui primus solvendae pecuniae fuerit, nemo vixerit, qui eam pecuniam deberet, tamen perinde committi poena potest, ac si fuisset heres debitoris.
9 Labeo, Epitomes of Probabilities by Paulus, Book V. If a penalty for failure to pay money transported by sea is promised, as is customary, even though on the first day when it is payable no one should be living who owed the said money, still, the penalty can be exacted, just as if there was an heir to the debtor.