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1. When the loan on bottomry is larger than the value of the object liable for the loan on bottomry on account of fraudulent means employed by the borrower, the loan on the amount in excess of the value of the object as appraised by experts is a simple loan.
2. If the amount of the loan contracted in order to load the vessel should be used for the cargo, the balance shall be considered as a simple loan.
3. Should the effects of on which money is taken is not subjected to risk, the contract shall be considered a simple loan, with the obligation on the part of the borrower to return the principal and interest at the legal
rate if that agreed upon should not be lower.
2. If the amount of the loan contracted in order to load the vessel should be used for the cargo, the balance shall be considered as a simple loan.
3. Should the effects of on which money is taken is not subjected to risk, the contract shall be considered a simple loan, with the obligation on the part of the borrower to return the principal and interest at the legal
rate if that agreed upon should not be lower.
