(1)When a debtor tenders to a money-lender or his agent money on account of any interest due on a loan or on account of the principal of a loan and the money lender or his agent refuses to receive the amount tendered or refuses to grant receipt for the same, the debtor may deposit, in any Court in which the money-lender might have instituted a suit for the recovery of such interest or such loan, to the account of the money-lender the amount tendered as aforesaid.
