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LOAN

Categories: Contracts

Definition (1910 Edition)

of the guardian’s hands, upon the heir’s attaining the requisite age,—twenty-one for males, sixteen for females. 2 Bl. Comm. 68.—Liveryman. A member of some company in the city of London; also called a “freeman.”—Livery of seisin. The appropriate ceremony, at common law, for transferring the corporal possession of lands or tenements by a grantor to his grantee. It was livery in deed where the parties went together upon the land, and there a twig, clod, key, or other symbol was delivered in the name of the whole. Livery in lato was where the same ceremony was performed, not upon the land itself, but in sight of it. 2 BI.

is an agreement by which one person delivers to another a certain quantity of things which are consumed by the use, under the obligation by the borrower, to return to him as much 0 the same kind and quality. Civ. Code La. art. 2910. Loans are of two kinds,—for consumption or for use. A loan for consumption is where the article is not to be returned én specte, but in kind. This is a sale, and not a bailment. Code -Ga. 1882, § 2123.—Loan for exchange. A loan for excneupe is a contract by which one delivers personal property to another, and the latter agrees to return to the lender a similar thing at a future time, without reward for its use. Civ. Code Cal. § 1902.—Loan for use. The loan for use is an agreement by which a person delivers a thing to another, to use it according to its natural destination, or according to the ageement, under the obligation on the part of the borrower to return it after he shall have done using it. Civ. Code La. art. 2 A loan for use is a contract by which one gives to another the temporary possession and use of personal property. and the latter agrees to return the same thing to him at a future time, without reward for its use. Civ. Code Cal. $§ 1884. <A loan for use is the gratuitous grant of an article to another for use, to be returned in specie, and may be either for a certain time or neg ert f and at the. will of the grantor. Code Ga. 1882, § 2126. Loan for use (called “commodatum” in the civil law differs from a loan for consumption, (call “mutuum” in the civil law,) in this: that the commodatum must be specifically returned; the mutuum is to be returned in kind. In the case of a commodatum, the property in the thing remains in the lender; in a mutuum, the property ' passes to the borrower. Bouvier.—Loan, etuitous, (or commodate.) A class o ° ment which is called “commodatum” in the Roman law, and is denominated by Sir William Jones a “loan for use,” ét-d-usage,) to distinguish it from “mutuum,” a loan for consum tion. Jt is the gratuitous lending of an article to the borrower for his own use. Wharton.— Loan societies. In English law. A kind of club formed for the purpose of advancing money on loan to the industrial classes.
Source: Black's Law Dictionary, 2nd Edition (1910) — Public Domain. UK commentary and modern updates are original additions. This entry is for educational reference only and does not constitute legal advice.