Wednesday, January 29, 2014

A LOAN is: Deposit Of Money

A LOAN is: 
- Deposit Of Money By A Customer With Banker; Gimbel Bros. v. White, 10 N.Y.S.2d 666, 667, 256 App.Div. 439

- Bailment with- out 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. Nichols v. Fearson, 7 Pet. 109, 8 L. Ed. 623; Booth v. Terrell, 16 Ga. 20, 25;

- A borrowing of money or other personal property by a person who promises to return it, State v. Moltzner, 141 Or. 355, 17 P.2d 555, 556;

- Contract whereby one delivers money to another who agrees to return equivalent sum. Easter Oil Corporation v. Strauss, Tex.Civ.App., 52 S.W.2d 336, 340; Shaw v. McShane, Tex.Com.App., 50 S.W.2d 278, 282;

- Debts arising from borrowing of money, Lawrie v. Miller, Tex.Com.App., 45 S.W.2d 172, 173;

- Delivery by one party and receipt by another party of money on agreement, express or implied, to repay money with or without interest, Parsons v. Fox. 179 Ga. 605, 176 S.E. 642; 0. A. Graybeal Co. v. Cook, 111 Cal.App. 518, 295 P. 1088, 1092;

- Payment of money by one to another to be repaid some future day, In re Arbuckle's Estate, 324 Pa. 501, 188 A. 758, 761;

- That which one lends or borrows, In re Lalla's Estate, 362 Ill. 621, 1 N.E.2d 50, 53; 

- Transaction creating customary relation of borrower and lender, Bannock County v. Citizens' Bank & Trust Co., 53 Idaho 159, 22 P.2d 674. 

- Transaction wherein one party transfers to the other a sum of money which that other agrees to repay absolutely. Yezek v. Delaware, L. & W. R. Co., 28 N.Y.S.2d 35, 36, 176 Misc. 553.

- Deposit Pothier defines it to be a contract, by which one of the contracting parties gives a thing to another to keep, who is to do so gratuitously, and obliges himself to return it when he shall be requested. Traite du Depot. See Code Civ. tit. 11, c. 1,   art. 1915; Louisiana Code, tit. 13, c. 1, art. 2897

The four elements of a "loan" are, a principal sum, a placing of the sum with a safe borrower, an agreement that interest is to be paid, and a recognition by receiver of money of his liability for return of the principal amount with accrued interest. McLendon v. Johnson, 71 Ga.App. 424, 31 S.E.2d 89, 92. Black's Law Dictionary Fourth Edition (page 1085)

INDORSER defined: contracts. The person who makes an indorsement. 2. The indorser of a bill of exchange, or other negotiable paper, by his indorsement undertakes to be responsible to the holder for the amount of the bill or note, if the latter shall make a legal demand from the payer, and, in default of payment, give proper notice thereof to the indorser. But the indorser may make his indorsement conditional, which will operate as a transfer of the bill, if the condition be performed; or he may make it qualified, so that he shall not be responsible on non-payment by the payer. Chitty on Bills, 179,180. 3. To make an indorser liable on his indorsement, the instrument must be commercial paper, for the indorsement of a bond or single bill will not, per se, create a responsibility. 13 Serg. & Rawle, 311. But see Treval v. Fitch, 5 Whart. 325; Hopkins v. Cumberland Valley R. R. Co., 3 Watts & Serg. 410. 4. When there are several indorsers, the first in point of time is generally, but not always, first-responsible; there may be circumstances which may cast the responsibility, in the first place, as between them, on a subsequent indorsee. 5 Munf. R. 252. A Law Dictionary Adapted To The Constitution And Laws Of The United States Of America And Of The Several States Of The American Union by: John Bouvier Revised Sixth Edition, 1856


1 comment:

Unknown said...

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