If the time and place have not been regulated, the payment is made at the price of the time and place at which the borrowing took place. If tbe borrower do not restore the things lent, or their value at the term agreed on, he owes interest thereon from the day of the demand in court. Of Loan on Interest. It is lawful to stipulate for interest on simple loan either in money, or provisions, or other moveable things. The borrower who has paid interest which was not stipulated, cannot either recover it or deduct it from the capital.
Interest is legal or conventional.
Legal interest is that fixed by the law. Conventional interest may exceed that of the law in all cases where the law does not prohibit it. The rate of conventional interest must be fixed in writing. Acquittance of capital given without reservation of interest, raises presumption of the payment thereof, and operates as a discharge of it. A party may agree on interest for capital which tbe lender binds himself not to demand.