Word Loan - Indian Laws - General

Word loan Jowitt s Dictionary of English Law, 2nd Ed., at page 1110 defines loan as follows: LOAN: (Sax. hloon), anything lent or given to another on condition of return or repayment. See MONEYLENDER. A gratuitous loan is a class of bailment called commodatum in the civil law , and denominated by Sir William Jones as 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. Black s Law Dictionary, 5th Ed., at page 844, defines loan as follows: Anything furnished for temporary use to a person at his request on condition that it shall be returned, or its equivalent in kind, with or without compensation for its use. THE BRITANNIA BISCUIT CO. LTD. VERSUS THE STATE OF MAHARASHTRA - 1983 (3) TMI 242 - BOMBAY HIGH COURT