Subsection 2: Special provisions relating to money market instruments

The debtor of an obligation to pay a sum of money is discharged by payment of its nominal amount. The amount of the sum due may vary through indexation. The debtor of a debt of value is discharged by payment of the sum of money resulting from its liquidation.

When an obligation to pay a sum of money bears interest, the debtor is discharged by paying the principal and interest. Partial payment is set off against the interest first. Interest is granted by law or stipulated in the contract. The contractual interest rate must be fixed in writing. It is deemed to be annual by default.

Interest due for at least one full year shall accrue interest if the contract so provides or if a court decision so specifies.

Payment in France of an obligation to pay a sum of money is made in euros. However, payment may be made in another currency if the obligation thus denominated arises from an international transaction or a foreign judgment. The parties may agree that the payment will take place in a foreign currency if it occurs between professionals, where the use of a foreign currency is commonly accepted for the transaction…

Failing any other designation by law, the contract or the judge, the place of payment of the obligation to pay a sum of money is the creditor’s domicile.

The judge may, taking into account the situation of the debtor and considering the needs of the creditor, defer or stagger, up to a maximum of two years, the payment of the sums due. By special reasoned decision, he may order that the sums corresponding to the deferred instalments shall bear interest at a reduced rate at least equal to the legal rate, or that the payments shall first be…