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Ruling: [Last time we saw that the regular interest in this case could have been permitted but the punitive interest made the total interest too high.]
More fundamentally, interest as a penalty for late payment, which does not fit into the legal logic of a heter iska, is forbidden, as we shall explain. A penalty payment that increases by the day (as opposed to a one-time penalty) is classic ribbit, as it is agar natar (reward for waiting) (Shulchan Aruch, Yoreh Deah 177:16). The Rama (ad loc.) cites those who are lenient regarding a penalty, but most disagree, and the Shach (ad loc. 33) and the Shulchan Aruch Harav posit that it is a Torah-level prohibition. The Shach is lenient in the case where there is a heter iska, but Brit Yehuda (38:9) writes that this is only regarding a one-time penalty. While there might be room for leniency regarding a corporate entity, like a bank, here we are dealing with an individual, and therefore one must not be lenient in this case.
We calculate that after def’s last payment, he owed 33,237 NIS, which increased to 37,369 NIS by the time pl went to Hotza’ah Lapo’al. After this point, interest should no longer be accrued for two reasons. First, def should not have been expected to pay because pl sued for an exaggerated amount of money. Second, a heter iska is based on the expectation that the recipient is investing the money, whereas in a case in which the "lender" is demanding the money immediately, it is apparently forbidden to invest anymore, and therefore there is no justification for the amount to increase.
P'ninat Mishpat (829)
Beit Din Eretz Hemda - Gazit
681 - Limits of Interest Rate for Loan with Heter Iska – part I
682 - Limits of Interest Rate for Loan with Heter Iska – part II
683 - Limits of Interest Rate for Loan with Heter Iska – part III
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Beit Din Eretz Hemda - Gazit
Igrot Hare’aya Raffle of Property in Eretz Yisrael for Tzedaka
Igrot Hare’aya – Letters of Rav Kook: – #220
Igrot Hare’aya Trying to Arrange Purchase of Land in Eretz Yisrael – part II
#229 Date and Place: 13 Tishrei 5670 (1909), Yafo
Igrot Hare’aya Connecting Disciplines in Torah Study
Igrot Hare’aya – Letters of Rav Kook 103 – part III
P'ninat Mishpat P'ninat Mishpat: Unsuccessful Transfer of Yeshiva – part V
based on appeal ruling 82138 of the Eretz Hemdah-Gazit Rabbinical Courts
P'ninat Mishpat P'ninat Mishpat: Smoking Rights in a Rental? – part II
based on ruling 85076 of the Eretz Hemdah-Gazit Rabbinical Courts
P'ninat Mishpat P'ninat Mishpat: Multiple Agreements and Parties – part II
based on ruling 80082 of the Eretz Hemdah-Gazit Rabbinical Courts
Rabbis in Midrash
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How do we know that the "claim" of mass revelation to 2,000,000 witnesses at Mt. Sinai is really true? This important class answers all of the questions skeptics ask about this claim of the Kuzari.
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Kuzari -Rabbi Ari Shvat Kuzari class 7 - Five Accumulative Proofs of G-d
As a preparation for the Kuzari's classic proof of G-d from the mass-revelation at Sinai, we start here with 5 other directions to strengthen our belief which also contribute to what the Kuzari will present as well.
Ein Aya Muscle & Meaning: The Dual Nature of Gevurah (Physical Strength)
Is physical strength and fitness a necessity or an ideal? Although it if often totally overlooked among topics of Judaism, Rav Kook writes that it clearly is also a necessity to deter the many enemies of Israel, but even in Y'mot HaMashiach, in the Messianic era, to a certain extent, it's ideal continues even after our enemies will have been finished off.
