loan


loan
A lending. Delivery by one party to and receipt by another party of sum of money upon agreement, express or implied, to repay it with or without interest. Boerner v. Colwell Co., 21 Cal.Sd 37, 145 Cal.Rptr. 380, 384, 577 P.2d 200.
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. Liberty Nat. Bank & Trust Co. v. Travelers Indem. Co., 58 Misc.2d 443, 295 N.Y. S.2d 983, 986.
Bailment without 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 borrowing of money or other personal property by a person who promises to return it.
"Loan" includes:
(1) the creation of debt by the lender's payment of or agreement to pay money to the debtor or to a third party for the account of the debtor;
(2) the creation of debt by a credit to an account with the lender upon which the debtor is entitled to draw immediately;
(3) the creation of debt pursuant to a lender credit card or similar arrangement; and
(4) the forbearance of debt arising from a loan. Uniform Consumer Credit Code, No. 3-106.
- equity loan
- participation loan.
For term loan, see term.
@ amortized loan
One which calls for periodic payments which are applied first to interest and then to principal as provided by the terms of the note.
@ call loan
One which is payable on demand or call by the lender.
+ call loan
Loan which is callable by lender at any time; usually on 24 hours notice
@ collateral loan
One which is secured by property or securities.
+ collateral loan
Loan secured by pledge of specific property
See secured loan.
@ commercial loan
Generally a short term loan for 30 to 90 days given by financial institutions.
+ commercial loan
Loans made to businesses, as distinguished from personal-consumer credit loans. The direct loan from a bank to a business customer for the purpose of providing funds needed by the customer in its business. Board of Governors FRS v. Dimension Financial Corp., 471 U.S. 1065, 105 S.Ct. 2137, 85 L.Ed.2d 495.
See also loan
@ commodity loan
One which is secured by a commodity such as cotton or wool in the form of a warehouse receipt or other negotiable instrument.
@ consolidation loan
A borrowing in which the proceeds of the loan are used to pay off other individual loans and create a more manageable debt.
@ construction loan
Short-term interim loan for financing cost of building construction. Payments are made periodically as work is completed with repayment usually made from permanent mortgage funds secured by completed structure.
Also referred to as bridge loan, above.
@ consumer loan
One which is made or extended to a natural person for family, household, personal or agricultural purposes and generally governed by truth-inlending statutes and regulations.
@ day loan
One made to a broker on a day to day basis to finance his daily transactions.
@ demand loan
One on which the lender may make demand or call at any time for repayment.
See also call loan.
+ demand loan
Loan which may be called by lender at any time because there is no fixed maturity date. A loan payable upon request by the creditor rather than on a specific date.
See demand note, below
@ installment loan
One which is repaid according to its terms over a period of time in installments.
+ installment loan
A loan made to be repaid in specified, usually equal, amounts over a certain number of months. The contract specifies the amount and method of payment. Consumer installment loan contracts are subject to disclosure requirements of Truth-in-Lending Act (q.v.).
@ non-performing loan
An outstanding loan that is not being repaid, i.e. neither payments on interest or principal are being made.
@ non-recourse loan
Loans made to farmers by a government organization in exchange for a particular commodity; e.g. wheat or corn. They are called nonrecourse because the government can never demand payment for the loan.
@ personal loan
One which is generally for a short period of time for personal as contrasted with commercial purposes. It may be secured or unsecured.
See also consumer loan.
@
- secured loan
@ short-term loan
One which runs for a period of less than a year and which is commonly evidenced by a note or other negotiable instrument.
@ time loan
One which is made for a fixed period of time and which generally may not be repaid before the expiration of such time (without penalty) as distinguished from a call loan or demand loan
@ loan association
See building and loan association
@ loan certificates
Certificates issued by a clearinghouse to the associated banks to a specified per cent, of the value of the collaterals deposited by the borrowing banks with the loan committee of the clearing-house. Documents issued by a borrower to evidence participation in a loan for an extended term; formerly used by municipalities. These have been replaced, in the main, by coupon bonds.
See also certificate of indebtedness
@ loan commitment
Commitment to borrower by lending institution that it will loan a specific amount at a certain rate on a particular piece of real estate. Such commitment is usually limited to a specified time period (e.g. four months), which is commonly based on the estimated time that it will take the borrower to construct or purchase the home contemplated by the loan.
@ loaned employee or servant
Loaned servant is an employee who is loaned or hired out to another employer for some specific service or particular transaction and who is under exclusive control of that employer who may then be held vicariously liable for acts of employee under ordinary principles of respondeat superior. Kiefer Concrete, Inc. v. Hoffman, Colo., 562 P.2d 745, 746.
Whether an employee should be regarded as a "loaned employee" in the service of a special employer, or whether he should be regarded as remaining in the service of his general employer, depends upon in whose work the employee was engaged at the time of injury. Owen v. St. Louis Spring Co., 175 Tenn. 543, 136 S.W.2d 498-500
@ loaned servant doctrine
Under the "loaned servant doctrine", when one lends his employee to another for a particular employment, employee, for anything done in that employment, must be dealt with as employee of one to whom he is lent. Blair v. Durham, C.C.A.Tenn., 134 F.2d 729, 732.
This doctrine provides that if employer loans employee to another for performance of some special service, then that employee, with respect to that special service, may become employee of party to whom his services have been loaned. Danek v. Meldrum Mfg. and Engineering Co., Inc., Minn., 252 N.W.2d 255, 258.
In order for employee to be a "loaned servant", it is not essential that general employer relinquish full control over his employee, or that special employee be completely subservient to borrower. U. S. v. N. A. Degerstrom, Inc., C-A.Wash., 408 F.2d 1130, 1138
@ loan for consumption
An agreement by which one person delivers to another a certain quantity of things which are consumed by the borrower, with the obligation to return as much of the same kind and quality.
See also loan for use
@ loan for exchange
A loan for exchange is a contract by which one delivers personal property to another, and the latter agrees to return to the lender a similar thing at a future time, without reward for its use. Cal.Civil Code No. 1902
@ loan for use
The loan for use is an agreement by which a person delivers a thing to another, to use it according to its natural destination, or according to the agreement, under the obligation on the part of the borrower, to return it after he shall be done using it. Civ.Code La. art. 2893. A loan for use is a contract by which one gives to another the temporary possession and use of personal property, and the latter agrees to return the same thing to him at a future time, without reward for its use. Slack v. Bryam, 299 Ky. 132, 184 S.W.2d 873, 876. Cal.Civil Code, No. 1884.
A loan for use is the gratuitous grant of an article to another for use, to be returned in specie, and may be either for a certain time or indefinitely, and at the will of the grantor. Loan for use (called "commodatum" in the civil law) differs from a loan for consumption (called "mutuum" in the civil law), in this: that the commodatum must be specifically returned; the mutuum is to be returned in kind. In the case of a commodatum, the property in the thing remains in the lender; in a mutuum, the property passes to the borrower
@ loan participation
Loan provided by a group of lenders to a single borrower, which spreads the default risk of the loan among all lenders in the group
@ loan ratio
The ratio, expressed as a percentage, of the amount of a loan to the value or selling price of real property. Usually, the higher the percentage, the greater the interest charged. Maximum percentages for banks, savings and loan, or government insured loans, is set by statute.
@

Black's law dictionary. . 1990.

Synonyms:

Look at other dictionaries:

  • LOAN — (Heb. הַלְוָאָה, halva ah), a transaction in which a thing, usually money, is given by one person, called the malveh ( lender ), to another, called the loveh ( borrower ), for the latter s use and enjoyment, and in order that such thing or its… …   Encyclopedia of Judaism

  • loan — n 1 a: money lent at interest b: something lent usu. 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 usu …   Law dictionary

  • loan — verb. In 19c British English, loan was a standard alternative for lend, but by the time Fowler wrote (1926) loan had been largely driven out by lend, although it has continued in use in AmE. In current use loan is mostly confined to non British… …   Modern English usage

  • Loan — Loan, n. [OE. lone, lane, AS. l[=a]n, l[ae]n, fr. le[ o]n to lend; akin to D. leen loan, fief, G. lehen fief, Icel. l[=a]n, G. leihen to lend, OHG. l[=i]han, Icel. lj[=i], Goth. leihwan, L. linquere to leave, Gr. lei pein, Skr. ric. [root]119. Cf …   The Collaborative International Dictionary of English

  • loan — (n.) mid 13c., from O.N. lan, related to lja to lend, from P.Gmc. *laikhwniz (Cf. O.Fris. len thing lent, M.Du. lene, Du. leen loan, fief, O.H.G. lehan, Ger. Lehn fief, feudal tenure ), originally to let have, to leave (to someone), from PIE *lei …   Etymology dictionary

  • LOAN — oder Loan bezeichnet: LOAN, ICAO Code des Flugplatz Wiener Neustadt/Ost Benjamin F. Loan (1819–1881), US amerikanischer Politiker Diese Seite ist eine Begriffsklärung zur Unterscheidung mehrerer mit demselben Wor …   Deutsch Wikipedia

  • loan — loan·able; loan; loan·er; loan·ing; …   English syllables

  • loan — ► NOUN 1) a thing that is borrowed, especially a sum of money that is expected to be paid back with interest. 2) the action of lending. ► VERB ▪ give as a loan. ● on loan Cf. ↑on loan DERIVATIVES …   English terms dictionary

  • loan — [lōn] n. [ME lone < ON lān (akin to OE læn, lending, loan, lænan, to lend) < IE base * leikw , to leave behind > L linquere, Gr leipen, Sans riṅákti, (he) leaves] 1. the act of lending, esp. to use for a short time [the loan of a pen] 2 …   English World dictionary

  • Loan — Loan, v. t. [imp. & p. p. {Loaned}; p. pr. & vb. n. {Loaning}.] To lend; sometimes with out. Kent. [1913 Webster] By way of location or loaning them out. J. Langley (1644). [1913 Webster] …   The Collaborative International Dictionary of English

  • Loan — (l[=o]n), n. [See {Lawn}.] A loanin. [Scot.] [1913 Webster] …   The Collaborative International Dictionary of English


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