Loan

A bailment without reward; consisting of the delivery of an article by the owner to another person, to be used by the latter gratuitously, and returned either in specie or in kind. A sum of money confided to another. Ramsey v. Whitbeck, 81 111. App. 210; Nichols v. Fearson, 7 Pet 109, 8 L. Ed. 623; Rodman v. Munson, 13 Barb. (N. Y.) 75; Booth v. Terrell, 16 Ga. 25; Payne v. Gardiner, 29 N. Y. 167. A loan of money is a contract by which one delivers a sum of money to another, and the latter agrees to return at a future time a sum equivalent to that which he borrowed. Civ. Code Cal. § 1912. Loan association. see Building and Loan Association.

— Loan certificates. Certificates issued by A clearing-house to the associated banks to the amount of seventy-five per cent, of the value of the collaterals deposited by the borrowing banks with the Loan committee of the clearing-house. Anderson.

— Loan for consumption. the Loan for consumption 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 of the same kind and quality. Civ. Co.de 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 specie, but in kind. This is a sale, and not a bailment. Code Ga. 1882, § 2125.

— Loau for exchange. A loan for exchange 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. Co.de La. art. 2893. 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 indefinitely, and at the will of the grantor. Co.de Ga. 1882, § 2126. Loan for use (calied "commodatum" in the civil law) differs from a loan for consumption, (called "mu,tuum" in the civll 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 passeB to the borrower. Bouvier.
—Loan, gratuitous, (or commodate.) A class of bnil-ment which is calied "commodatum" in the Roman law, and is denominated by Sir William Jones a "loan for use," (prit-dt-usage,) to distinguish it from "mutuum," a loan for consumption. It 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.