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Are loan handwritten contracts legally binding?

03/06/2022


Property loan contract or loan transaction is specified in Article 463 of the Civil Code 2015. This is an agreement between the parties about the lender giving a certain amount of money to the borrower and within a period of time. certain amount, the borrower must return to the other party this amount together with interest (if any).

In addition, the Civil Code or other legal documents do not stipulate the form of a loan contract which must be a notarized, authenticated contract or a loan contract or paper.

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However, in Article 117 of the 2015 Civil Code, this is still a civil transaction, so the following conditions must be met for the validity of a civil transaction:

- The parties have civil legal capacity and civil act capacity suitable for the loan transaction. - Lenders and borrowers are completely voluntary.

- Borrowing purposes as well as loan agreements of the parties do not violate the prohibition of the law and are not contrary to social ethics.

Therefore, if the handwritten loan document has all the valid conditions of a civil transaction, it is completely valid. When the parties have signed the loan document, the borrower is obliged to repay the debt when it is due, the lender must also hand over the loan amount to the borrower.