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LENDER, contracts. He from whom a thing is borrowed.
     2. The contract of loan confers rights, and imposes duties on the lender. 1. The lender has the right to revoke the loan at his mere pleasure; 9 Cowen, R. 687; 8 Johns. Rep. 432; 1 T. R. 480; 2 Campb. Rep. 464; and is deemed the owner or proprietor of the thing during the period of the loan; so that au action for a trespass or conversion will lie in favor of the lender against a stranger, who has obtained a wrongful possession, or has made a wrongful conversion of the thing loaned; as mere gratuitous permission to a third person to use a chattel does not, in contemplation of the common law, take it out of the possession of the owner. 11 Johns. Rep. 285; 7 Cowen, Rep. 753; 9 Cowen, Rep. 687; 2 Saund. Rep. 47 b; 8 Johns. Rep. 432; 13 Johns. Rep. 141, 661; Bac. Abr. Trespass, c 2; Id. Trover, C 2. And in this the Civil agrees with the common law. Dig. 13, 6, 6, 8; Pothier, Pret …, Usage, ch. 1, Sec. 1, art. 2, n. 4; art. 3, n. 9; Ayliffe's Pand. B. 4, t. 16, p. 517; Domat, B. 1, t. 5, Sec. 1, n. 4; and so does the Scotch law. Ersk. Pr. Laws of Scotl. B. 3, t. 1 Sec. 8.
     3.-2. In the civil law, the first obligation on the part of the lender, is to suffer the borrower to use and enjoy the thing loaned during the time of the loan, according to the original intention. Such is not the doctrine of the common law. 9 Cowen, Rep. 687. The lender is obliged by the civil law to reimburse the borrower the extraordinary expenses to which he has been put for the preservation of the thing lent. And in such a case, the borrower would have a lien on the thing, and may detain it, until these extraordinary expenses are paid, and the lender cannot, even by an abandonment of the thing to the borrower, excuse himself from repayment, nor is he excused by the subsequent loss of the thing by accident, nor by a restitution of it by the borrower, without insisting upon repayment. Pothier, Pret … Usage, ch. 3, n. 82, 83; Dig. 13, 6, 18, 4; Ersk. Pr. Laws of Scotl. B. 3, t. 1, Sec. 9. What would be decided at common law does not seem very clear. Story on Bailm. Sec. 274. Another case of implied obligation on the part of the lender by the civil law is, that he is bound to give notice to the borrower of the defects of the thing loaned; and if he does not and conceals them, and any injury occurs to the borrower thereby, the lender is responsible. Dig. 13, 6, 98, 3; Poth. Pret … Usage, n. 84; Domat, Liv. 1, t. 5, s. 3, n. 3. In the civil law there is also an implied obligation on the part of the lender where the thing has been lost by the borrower, and after he has paid the lender the value of it, the thing has been restored to the lender; in such case the lender must return to the borrower either the price or thing. Dig. 13, 6, 17, 5; Poth. Id. n. 85. "The common law seems to recognize the same principles, though," says Judge Story, Bailm. Sec. 276, "it would not perhaps be easy to cite a case on a gratuitous loan directly on the point." See Borrower; Commodate; Story, Bailm. ch. 4; Domat. Liv. 2, tit. 5; 1 Bouv. Inst. n. 1078, et seq.

References in periodicals archive ?
On top of this honor, Val-Chris is also celebrating its 40th anniversary in the private money lending industry as a private money or hard money lender.
Govind Singh, Prahlad's elder brother, said: "While the bank was sending him notices to pay back the loan, the money lenders of the village had confiscated his land.
BEWARE of illegal money lenders - they want to get you under their control.
Currently, fix and flip projects are all the rage and many of these groups turn to hard money lenders to back them.
The woman said she has spent more than a year trying to make repayments to the Filipino money lender, who kept insisting that she owed more and more cash under a rising compound interest system.
People who go to illegal money lenders often feel they've exhausted all legal lending options, might not have access to affordable credit, or don't know about alternatives like social funds or grants.
His daughter was PS500 short for the funeral and she had borrowed from the same money lender.
BEIRUT: A money lender is suspected of killing two young men who were found dead Saturday inside a vehicle in the Kesrouan area of Maameltein, police said Sunday.
A CAR dealer who turned himself into an unlicensed money lender has been given a four-month suspended jail term.
In the past, whenever Kuppamma needed money she had to borrow from a local money lender who charged exorbitant interest rates.
Sometimes people come to us with problems about food or gas bills and sometimes the money lender might be the underlying problem.
Previous prosecutions include Redditch money lender Kim Cornfield, jailed for two years after using intimidation to enforce loans which carried interest rates of up to 15,000 per cent.