466
7.2.2 Interest
On debts with a fixed term and resulting from sale on credit, the
only interest due is default interest. Real loans, taken out by traders
in Assur and also attested in Anatolia, even with native moneylen-
ders, are interest-bearing. For Assyrians, the standard rate of interest,
fixed by “order of the kàrum,” for both default and normal interest,
was 30 percent per year, but lower rates occur, especially between
business associates. Anatolians usually were charged higher rates,
frequently 60 percent, by both Assyrians and fellow Anatolian money-
lenders.^176 Persons who had to take out a loan in order to be able to
pay as guarantors, according to a provision in the laws, were entitled
to take “interest and interest on interest” from their debtors.^1777.2.3 Repayment
7.2.3.1 Due Date
The time of repayment can be fixed as a time limit, “within/not
later than (ana)” x weeks,^178 months or (rarely) years, as “at its (agreed/
normal) time” (ana etti“u),^179 and rarely “when the creditor asks it.”^180
Payment terms usually do not exceed one year, except for ebu††ù
loans and with payment in annual installments. Payment dates can
also be indicated by reference points, which in Assyrian contracts
are usually related to the practice of the overland trade: “when he
arrives/comes up from the City/when the caravan comes in.”
Contracts with Anatolian debtors mention as reference points a
whole range of events in the agricultural year and a number of sea-
sonal festivals of local gods.^181 A few such loans also contain the
clause that the debtor has to pay “(even) when the ruler (variant:
one) washes away the debt.”^1827.2.3.2 Negotiability
Many Assyrian debt notes do not mention the name of the credi-
tor but simply write “the creditor” (tamkàrum), presumably in order(^176) See Garelli, Assyriens.. ., 384.
(^177) See Veenhof, “Legislation.. .,” 1722f.
(^178) See Veenhof, “Seven-day Week...”
(^179) For this expression, see Landsberger, “Verkannte Nomina.. .,” esp. 62ff.
(^180) TPK 1 96.
(^181) See Landsberger, “Jahreszeiten.. .”; Matou“, “Anatolische Feste.. .”; Bayram,
“Kültepe Tabletleri.. .”; Donbaz, “A“èd...”
(^182) See Balkan, “Cancellation of Debts.. .,” and 7.3.6 below.
WESTBROOK_f11–431-483 8/27/03 12:27 PM Page 466