Commodatum - Law Dictionary Search Results
Home Dictionary Name: commodatumCommodatum
Commodatum. He who lends to another a thing for a definite time, to be enjoyed and used under certain conditions, without any pay or reward, is called commodans; the person who receives the thing is called commodatarius, and the contract is called commodatum. It differs from locatio and conductio in this, that the use of the thing is gratuitous, Dig. 13, tit. 6; Instit. Iii. 2, 14....
commodatum
commodatum [Latin, loan, from neuter of commodatus, past participle of commodare to lend, bestow] : a gratuitous loan of movable property to be used and returned by the borrower : loan for use at loan compare deposit gratuitous bailment at bailment loan for consumption at loan ...
bailment
bailment [Anglo-French bayllment, from bailler to hand over see bail ] : the transfer of possession but not ownership of personal property (as goods) for a limited time or specified purpose (as transportation) such that the individual or business entity taking possession is liable to some extent for loss or damage to the property compare deposit loan for consumption and loan for use at loan NOTE: The typical elements of a bailment are delivery of the personal property, acceptance of the delivery, and possession or control of the property. Any of these elements may be actual or constructive. Bailments may be created by contracts, either express or implied, which require agreement, and the agreement may also be express or implied. Contracts for the lease of a car, for sale of goods on consignment, and for the transport of goods are examples of bailments. bailment for hire : a bailment that either benefits both parties or only the bailee ;esp : one in which the bailee receives comp...
loan
loan 1 a : money lent at interest b : something lent usually for the borrower's temporary use 2 : a transfer or delivery of money from one party to another with the express or implied agreement that the sum will be repaid regardless of contingency and usually with interest ;broadly : the furnishing of something to another party for temporary use with the agreement that it or its equivalent will be returned [the leasing of the vehicle was termed a subject to usury statutes] bridge loan : a short-term loan used as a means of financing a purchase or enterprise prior to obtaining other funds [used a bridge loan to purchase a new home prior to the sale of their previous one] con·ven·tion·al loan [kən-ven-chə-nəl-] : a loan for the purchase of real property that is secured by a first mortgage on the property rather than by any federal agency demand loan : a loan that is subject to repayment upon demand of the lender home equity loan : a loan or line o...
Bailment
Bailment [fr. bailler, Fr., to deliver], a compendious expression to signify a contract resulting from delivery; perhaps best defined as a 'delivery of a thing in trust for some special object or person, and upon a contract express or implied, to conform to the object or purpose of the trust.'In the celebrated case of Coggs v. Bernard, (1704) Ld Raym 909; 1 Sm L C, Lord Holt divided bailments thus:-(1) Depositum, or a naked bailment of goods, to be kept for the use of the bailor.A restaurant keeper has been held liable for loss of an overcoat entrusted by a customer to a waiter, Ultzen v. Nicols, (1894) 1 QB 92; Orchard v. Bush & Co., (1898) 2 QB 284.(2) Commodatum. Where goods or chattels that are useful are lent to the bailee gratis, to be used by him. See Coughlin v. Gillison, (1899) 1 QB 145.(3) Locatio rei. Where goods are lent to the bailee to be used by him for hire.(4) Vadium. Pawn or pledge.(5) Locatio operis faciendi. Where goods are delivered to be carried, or something is t...
Loan, gratuitous
Loan, gratuitous, a class of bailment called commodatum in the Roman Law, and denominated by Sir William Jones a loan for use (pret a usage), to distinguish it from mutuum, a loan for consumption.The borrower has the right to use the thing during the time and for the purpose agreed upon by the parties. the loan is to be considered as strictly personal, unless from other circumstances a different intention may fairly be presumed. The borrower must take proper care of the thing borrowed, use it according to the lender's intention, and restore it at the proper time, and in a proper condition.The lender must suffer the borrower to use and enjoy the thing lent during the time of the loan, according to the original intention, without any molestation or impediment, under the peril of damages. He must reimburse the borrower the extraordinary expenses to which he has been put for the preservation of the thing lent. He is bound to give notice to the borrower of the defects of the thing lent; and...
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