Definitions from Black's Law Dictionary: 2nd Edition and Ballentine's Law Dictionary as are available for each term in each dictionary.
  • Black's Law Dictionary: 2nd Edition

    To solicit and receive from another any article of property or thing of value with the intention and promise to repay or return it or its equivalent. Strictly spcaking, borrowing implies a gratuitous loan ; If any price or consideration is to be paid for the use of the property, it is "hiring." But money may be "borrowed" on an agreement to pay interest for its use. Neel v. State, 33 Tex. Cr. R. 408, 26 S. W. 726; Kent v. Mining Co.., 78 N. Y. 177; Legal Tender Cases, 110 U. S. 421, 4 Sup. Ct. 122, 28 In Ed. 204. This word is often used in the sense of returning the thing borrowed in specie, as to borrow a book or any other thing to be refurned again. But It is evident that where money is borrowed, the identical money loaned la not to be returned, because, if this were so, the borrower would derive no benefit from the loan. In the broad sense of the term, it means a contract for the use of money. State v. School Dist., 13 Neb. 88, 12 N. W. 812; Railroad Co., v. Stichter, 11 Wkly. Notes Cas. (Pat) 325.