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-172§1992. Optional loan A loan, which the borrower is allowed by the lender to treat as a loan for use, or for exchange, at his option, is subject to all the provisions of this subchapter. § 1993. Title to property lent By a loan for exchange the title to the thing lent is transferred to the borrower, and he shall bear all its expenses, and is entitled to all its increase. § 1994. Modification of contract A lender for exchange may not require the borrower to fulfill his obligations at a time, or in a manner, diflferent from that which was originally agreed upon. §1995. Applicability of sections 1970, 1972, and 1973 Sections 1970, 1972, and 1973 of this title apply to a loan for exchange. Subchapter III—Loan of Money § 2011. Definition of loan of money A loan of money is a contract by which one delivers a sum of money to another, and the latter agrees to return at a future time a sum equivalent to that which he borrowed. A loan for mere use is governed by subchapter I of this chapter relating to loan for use. § 2012. Repayment of loan in current money Unless there is an express contract to the contrary, a borrower of money shall pay the amount due in such money as is current at the time when the loan becomes due, whether the money is worth more or less than the actual money lent. § 2013. Loan presumed to be on interest Whenever a loan of money is made, it is presumed to be made upon interest, unless it is otherwise expressly stipulated at the time in writing. § 2014. Definition of interest Interest is the compensation allowed by law or fixed by the parties for the use, or forebearance, or detention of money. § 2015. Annual rate When a rate of interest is prescribed by a law or contract, without specifying the period of time by which the rate is to be calculated, it is to be deemed an annual rate. § 2016. Legal interest A rate of interest may not be allowed in excess of 6 per centum per annum upon any contract for the use or detention of money, unless it is in writing and the interest agreed upon may not exceed 12 per centum per annum. § 2017. Usurious contracts; principal, only, recoverable All contracts whatsoever which may in any way, directly or indirectly, violate section 2016 of this title by stipulating for a greater rate of interest than 12 per centum per annum, are void and of no eflfect for the amount or value of the interest only; but the principal sum of money or value of the contract may be received and recovered. § 2018. Recovery of usurious interest paid When the interest received or collected for the use or detention of money exceeds the rate of 12 per centum per annum, it shall be deemed to be usurious, and the persons paying the same, or their legal repre-
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