סימן סה סעיף יד
מִי שֶׁיֵּשׁ לוֹ שְׁטַר חוֹב עַל חֲבֵרוֹ מֻתָּר לְמָכְרוֹ לְאַחֵר בְּפָחוֹת, וַאֲפִלּוּ קֹדֶם זְמַן הַפֵּרָעוֹן. וְיִכְתֹּב הַמּוֹכֵר לְהַלּוֹקֵחַ, אֲנִי מוֹכֵר לְךָ שְׁטָר זֶה, וּקְנֵי לְךָ אִיהוּ וְכָל שִׁעְבּוּדוֹ. וְצָרִיךְ שֶׁיְהֵא הָאַחְרָיוּת עַל הַלּוֹקֵחַ. רַק אַחֲרָיוּת שֶׁבָּא מֵחֲמַת הַמּוֹכֵר, כְּגוֹן שֶׁהַשְּׁטָר פָּרוּעַ וְכַדּוֹמֶה, יָכוֹל לִהְיוֹת עַל הַמוֹכֵר. וּכְשֵׁם שֶׁיָּכוֹל לִמְכֹּר אֶת הַשְּׁטָר לְאַחֵר בְּפָחוֹת, כְּמוֹ כֵּן יָכוֹל לְמָכְרוֹ גַּם לְהַלֹּוֶה בְּעַצְמוֹ.
Preface to Paragraphs 14 and 15
It is a common business practice to sell promissory notes at a discount of their face value. For example, a lender who is holding a one-hundred dollar note due in six months, is in a situation where he needs money immediately. He finds a buyer willing to buy the note—or the right to collect the money in six months—for ninety dollars. Although, what has, in effect, happened is that the buyer advanced the lender ninety dollars in return for collecting more in the future, yet no ribis is incurred because the money advanced is not considered a loan, but, rather, a bona fide sale where the buyer has bought the rights to "become the lender."
It, therefore, follows that if it is stipulated that the seller retains all responsibilities for collecting the loan and if, for any reason, the borrower does not pay, the seller will be obligated to pay the buyer the one hundred dollars—in that case the ninety dollars paid is nothing but a loan with a promise that one hundred dollars will be repaid. Of course, this constitutes ribis.
One who has a promissory note against his friend, may sell it to another for less,21Less than the face value. even [before it is] due. The seller must write to the buyer,22The deed of a sale. "I, hereby, sell you this note and you thereby obtain it and any mortgage [attached to it]." All responsibility [for collecting the monies] must rest with the buyer. Only responsibility that emanates from the seller, for example, selling a note that has been paid, etc.23If the seller sold a paid-up note, then he has defrauded the buyer. That responsibility rests with the seller. or any similar situation, may rest with the seller. Just as the note may be sold to a third-party at a discount, so, too, it may be sold also to the borrower himself.24Selling the note to the borrower results in the borrower gaining by paying the loan before the due-date. There is nothing objectionable in this.
תנא דבי אליהו כל השונה הלכות בכל יום מובטח לו שהוא בן העולם הבא שנאמר הליכות עולם לו אל תקרי הליכות אלא הלכות (נדה ע"ג.)