lender

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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 ?
A 24-year-old university student, surnamed Jeong, recently decided to suspend his university attendance for a semester to make money to pay for a loan he borrowed from an online money lender.
This was formulated to counter the pattern of abuse that we had identified to be in use by money lenders.
If the enterprising segment of the poor can attain a modest level of income security notwithstanding the burden of usurious loans, just imagine the vastly improved income they can achieve if they are freed from the bondage of abusive money lenders.
According to Circular 432 on August 16, banks and financial institutions are prohibited from conducting off- and on-balance sheet financial and nonfinancial operations with individuals or companies that are not on the Central Bank's lists of authorized money dealers or money lenders and that are active in either business.
Two months ago, an Indian small-time businessman in Ruwi couldn't fly to India to see his hospitalised mother as his passport was held back by an illegal money lender.
Cllr Ken Hughes, portfolio holder for housing and social services, said: "With reform of the benefits system, there is a risk that more people will fall foul of illegal money lenders as they try to make ends meet.
50 lakh from a local money lender for his daughter's marriage three years ago, killed himself at his house in Tendura village under Bisanda police station in Banda district of Bundelkhand on Sunday.
Carli Hay, community engagement officer at West YorKshire Joint Services, said the term "illegal money lender" does not refer to the high-cost lenders who often advertise on TV, although these Kind of money lenders can sometimes cause problems as well.
The other real benefit is that hard money lenders can be flexible and overlook certain issues that banks cannot.
She marched south from East Anglia, devastated Colchester, London and St Albans and massacred 80,000 Roman citizens, some of them big-shot money lenders, no doubt.
The crooks have already taken a battering from the Record's Shop a Shark campaign, which has seen dozens of illegal money lenders brought to justice.
Narayanasamy,on Saturday alleged that India's main opposition Bharatiya Janata Party (BJP) supported money lenders, commission agents and failed to pay heed to the plight of the farmers, while it opposed retail reform in the parliament.