Boke.Ow

While often used in the sense of obtaining a thing to be returned in specie, is not limited to that sense. There may be a borrowing where an equivalent is paid annually in the form of interest, though the contract be perpetual and the loan irredeemable.^ " Borrowing " imports a promise or understanding that wliat is borrowed will be repaid or returned, the thing itself or something like it of equal value, with or without compensation for the use of it. To borrow is reciprocal with " to lend." 8 See Loan. Under the usury laws of New York khe word " borrower" includes any person who is a party to the oiiginal contract or in any way liable for the loan." Power to "borrow money," vested in public authorities, may not include power to issue bonds for the purpose — as, to erect a court-house.' See Purpose. Public; Tender, Legal (2).