[62a - 51 lines; 62b - 45 lines]
1)[line 1]אהדר ליה כי היכי דניחי [בהדך]AHADAR LEI KI HEICHI D'NEICHEI [BA'HADACH]- give it (the interest payment) back to him so that he may live with you
2)[line 4]קיתון של מיםKITON SHEL MAYIM- a flask of water
3)[line 15]דבר המסויםDAVAR HA'MESUYAM- a specific object, an object that is identifiable
4)[line 17]"וְנָשִׂיא בְעַמְּךָ לֹא תָאֹר""V'NASI V'AMCHA LO SA'OR"- "A leader of your people do not curse" (Shemos 22:27)
5)[line 18]בעושה מעשה עמךB'OSEH MA'ASEH AMCHA- one who is acting in the ways of your people (i.e. he is doing Mitzvos and is not a transgressor)
6)[line 21]מאי בעי גביהMAI BA'I GABEI- what is it doing in his possession?
7)[line 28]פוטרין את המלוה ואת הערבPOTRIN ES HA'MALVEH V'ES HE'AREV- they exempt the lender and the guarantor [from receiving Malkus (and, according to Rashi, from even transgressing a Lav)]
8)[line 33]שטר העומד לגבות כגבוי דמיSHTAR HA'OMED LIGAVOS K'GAVUY DAMI- a contract that is ready to be collected is considered to have already been collected
9)[line 37]דשׂוּמא מילתא היאD'SUMA MILSA HI- the stipulation [that interest must be paid on a loan] is itself something (i.e. it is itself a transgression)
10)[line 42]כל שאילו בדיניהם מוציאים מִלֹּוֶה לַמַּלְוֶהKOL SHE'ILU B'DINEIHEM MOTZI'IM MI'LOVEH LA'MALVEH- any type [of loan with interest] which, in their courts (of Nochrim), they forcefully take from the borrower and give to the lender
11)[line 46]סאה בסאהSE'AH B'SE'AH (RIBIS: SE'AH B'SE'AH)
(a)It is forbidden to lend money with interest (Shemos 22:24, Vayikra 25:36, Devarim 23:20). Even if interest is charged conditionally, and it is eventually not collected, the transaction is prohibited mid'Oraisa according to some Tana'im. It is also forbidden to take money in order to allow the borrower more time to complete the payment of the loan. (Such payment is known as "Agar Natar.")
(b)The Torah forbids lending with interest only if the rate or amount of interest was fixed at the time that the loan was made. This is called Ribis Ketzutzah. If interest was paid but the amount paid was not fixed at the time of the loan, or if a higher price was paid in a sale in order that the seller should allow the buyer more time to complete his payment for the purchase, it is called Avak Ribis or Ribis d'Rabanan. In addition to these, certain payments that are not actually Ribis mid'Oraisa or mid'Rabanan were prohibited because they have similarities to Ribis. Chazal refer to this as "Ha'aramas Ribis."
(c)One case of Ribis d'Rabanan is known as Se'ah b'Se'ah. This refers to a person who receives a Se'ah (or any other amount) of produce (or any other commodity) and agrees to pay back the same amount of produce at a future date, even if the value of the produce increases in the interim. Paying back the produce at the higher rate is considered Ribis, since the lender is receiving in return for his loan produce valued at more than the produce that he lent. However, since this is only Ribis d'Rabanan, the Rabanan permitted such an exchange when, at the time of the loan, the recipient of the loan has enough produce at home to pay back the loan, even if the produce is inaccessible to him at the time of the loan.
12)[line 50]משכנתא בלא נכייתאMASHKANTA B'LO NACHYASA- collateralized land without diminution. This refers to a case in which the borrower gave land to the lender as collateral, and the lender eats the fruit of the land without making any arrangement to deduct the value of the fruit (or even a symbolic value) from the amount the borrower owes him. Since the lender is receiving in return more than the money he gave for the loan, this is considered Ribis.
62b----------------------------------------62b
13)[line 8]רבית מוקדמת / רבית מאוחרתRIBIS MUKDEMES / RIBIS ME'UCHERES
(a)Giving a gift to a prospective lender before the loan is transacted is called "Ribis Mukdemes" ("advance interest") and is prohibited mid'Rabanan.
(b)Giving a gift to a lender (as a favor for extending the loan) some time after the loan was given and repaid is called "Ribis Me'ucheres" ("delayed Ribis") and is prohibited mid'Rabanan.
14)[line 11]אין פוסקין על הפירות עד שיצא השערEIN POSKIN AL HA'PEIROS AD SHE'YETZEI HA'SHA'AR - A futures contract may not be made until a market price has been established.
(a)Poskin Al ha'Peiros refers to a futures contract, in which a buyer pays for a set amount of produce for delivery at a later date. If the market price of the produce rises before that date, when the seller delivers the produce to the buyer (in the amount that he bought at the earlier, lower price) it will appear that he is giving extra produce in return for having the use of the buyer's money until the produce was delivered. The Mishnah (60b) rules that this is prohibited mid'Rabanan because it is like Ribis (Avak Ribis).
(b)Under certain conditions, though, such a futures contract is permitted.
1."YESH LO" - When the seller is presently in possession of the commodity which the buyer wants to receive at a later date, the sale is permitted. It is considered as though the produce of the seller has already been purchased by the buyer, and the seller is simply watching the produce for the buyer until the date of delivery. If the produce rises in value, it is considered to have risen in value while in the buyer's possession. RASHI (62a DH Yesh Lo) explains that the sale is considered to be consummated because as soon as the seller receives payment for produce that is in his possession, the Rabbinical curse of "Mi she'Para" (see Background to 44:9) prevents the buyer and seller from retracting from the sale. (Legally, of course, the produce does not formally belong to the buyer until he does a proper act of Kinyan, such as Meshichah. Nevertheless, since the prohibition involved in this transaction is only Ribis mid'Rabanan, the Rabanan did not apply the prohibition in a case where Mi she'Para has "guaranteed" the sale, RASHI 72b DH Posek Imo.) (Even this type of exchange is prohibited according to the Beraisa cited in our Sugya. However, the Gemara later (63a) concludes that this exchange is permitted, as Rebbi Oshaya's Beraisa rules.)
2."YATZA HA'SHA'AR" - The Mishnah (72b) cited in our Gemara refers to a second manner in which such a sale is permitted. A futures contract is permitted when the market price for the produce that is being sold has already been established (even if the seller is not in possession of the produce at the time of the sale). The reason for this is because once a price for the produce has been determined in the market, the seller could easily purchase (with the money the buyer gave him) the amount of produce that he agreed to supply to the buyer, so that he will not lose money if the price rises before the time of delivery (RASHI 62b DH Yesh la'Zeh; alternatively, TOSFOS (61b DH Af Al Pi) explains that the sale is considered to be consummated because as soon as the seller receives payment for produce that has a set price in the market, the Rabbinical curse of "Mi she'Para" (see Background to 44:9) prevents the buyer and seller from retracting from the sale - see Shach and S'ma in YD 175:1). This is only permitted if the buyer actually delivers payment for the produce at the time that the futures contract is agreed upon (see next entry).
15)[line 13]בבא לחוב בדמיהןB'VA LA'CHOV BI'DEMEIHEN - when the buyer uses the value [of the wheat that is owed to him] towards the purchase of a futures contract
(a)Normally, a futures contract - in which a buyer pays for a set amount of produce for delivery at a later date - is prohibited because of Ribis (see previous entry, (a)). However, if the market price for the produce that is being sold has already been established, such an exchange is permitted even if the seller is not in possession of the produce at the time of the sale. The reason for this is because once a price for the produce has been determined in the market, the seller could easily purchase (with the money the buyer gave him) the amount of produce that the he agreed to supply to the buyer, so that he will not lose money if the price rises before the time of delivery (ibid., (c)).
(b)However, the law differs in the following case. A borrower owes money to a lender, and the lender offers to forgo the loan in return for a purchase of the borrower's goods that he will deliver at a later date. If the borrower, who is now the seller, has no produce at that moment, the transaction is prohibited because of Ribis. Since he is not receiving actual money at that moment, he does not have the option of going out and buying produce in the market in order to give it to the buyer at a later date, because perhaps he does not have cash.
(c)For example, a buyer gives money to a seller in order to purchase wheat in a futures contract, and later the buyer requests that the seller give him the wheat that he bought, because he (the buyer) wants to sell the wheat and buy wine with the proceeds. The seller, though, has no wheat at that moment to give him. Instead, he offers to accept as payment (in place of the wheat) wine which will be delivered only at a later date. If the seller is not in possession of wine at that moment, he may not make the value of wheat that he owes into a debt of wine, even if the market price for wine has already been established. Since he is not receiving any money at that moment (for he received the money originally, when the buyer paid for the wheat), we cannot assume that he could simply buy wine from the market now in order to give it to the buyer at a later date, because perhaps he does not have cash.
16)[line 14]שהיה נושה בחבירו מנהSHE'HAYAH NOSHEH B'CHAVEIRO MANEH- he was owed a Maneh (100 Dinar) by his friend
17)[line 18]ואני אעלה לך כל שנים עשר חדשVA'ANI A'ALEH LECHA KOL SHNEIM ASAR CHODESH- and I will bring up for you [a supply of wheat] every twelve months
18)[line 19]דלאו כְּאִיסָרוֹ הבא לידו דמיLAV K'ISARO HA'BA L'YADO DAMI- this is not considered a case in which money (lit. an Isar coin) came into his hand (and thus the arrangement is considered a loan with Ribis, and not a sale)
19)[line 22]כדתני רב ספרא ברבית דבי רבי חייאKED'TANI RAV SAFRA B'RIBIS D'VEI REBBI CHIYA- as Rav Safra taught in the Beraisos of the academy of Rebbi Chiya that discuss the laws of Ribis
20)[line 24]הערמת רביתHA'ARAMAS RIBIS- deceptive Ribis. Certain payments that are not actually Ribis mid'Oraisa or mid'Rabanan were prohibited because they have similarities to Ribis. Chazal refer to this as "Ha'aramas Ribis" in our Sugya.
21)[line 29]כגון דאמר הלויני שלשים דינריםKEGON D'AMAR HALVEINI SHELOSHIM DINERIM- [the Mishnah is discussing a case] such as where he (a borrower) said (to a lender), "Lend me 30 Dinars." (He did not have 30 Dinars to lend him, but he lent him instead 30 Dinars worth of wheat. The lender then re-purchased that wheat from the borrower for only 25 Dinars. The borrower still owes the lender 30 Dinars (for the loan of wheat that he received originally.)
22)[line 33]חמראCHAMRA- wine
23a)[line 33]אי אית ליה חמרא ללוה... פירא הוא דקא שקיל מיניהIY IS LEI CHAMRA LA'LOVEH... PEIRA HU DEKA'SHAKIL MINEI- if the borrower (i.e. the one who borrowed the 30 Dinars' worth of wheat (and then sold it at a discount to the lender), and now owes that amount of money to the lender) has wine [worth 30 Dinars] in his possession that he is giving to the lender [as repayment for the loan of 30 Dinars' worth of wheat], then it is permitted, because he is merely returning produce to the lender in return for the produce that he originally borrowed (and it does not look like he is returning 30 Dinars' worth of produce in return for the 25 Dinars that he received when he sold the wheat back to the lender).
b)[line 35]כיון דלית ליה חמרא, ודאי משקל זוזי מיניה, מחזי כרביתKEIVAN D'LEIS LEI CHAMRA, VADAI MISHKAL ZUZEI MINEI, MECHEZEI K'RIBIS- since the borrower (i.e. the one who borrowed the 30 Dinars' worth of wheat (and then sold it at a discount to the lender), and now owes that amount of money to the lender) does not have wine, then certainly the lender is going to take money from him [as repayment for his loan of 30 Dinars of wheat], and thus it looks like Ribis [and is prohibited]. (Since the borrower received 25 Dinars when he sold the wheat back to the lender, and now he is paying back his original loan of the wheat with 30 Dinars of actual money, it appears that he borrowed 25 Dinars and is repaying 30.)
24)[last line]כי שכיבנא, רבי אושעיא נפק לוותיKI SHECHIVNA, REBBI OSHAYA NAFIK LEVASI- when I die, Rebbi Oshaya will come out [of his heavenly resting place] to [greet] me