What is BORROW? Definition of BORROW in Black's Law Dictionary
To solicit and receive from another any article of property or thing of value with the intention and promise to repay or return it or its equivalent.
Strictly speaking, borrowing implies a gratuitous loan. Carter-Mullaly Transfer Co. v. Angell, Tex.Civ.App., 181
S. W. 237, 238. But money may be "borrowed" on an agreement to pay interest for its use. Legal Tender Cases, 110 U.S. 421, 4 S.Ct. 122, 28 L.Ed. 204. Though the word is often used in the sense of returning the thing borrowed specie, where money is borrowed, the identical money loaned is not to be returned. In a broad sense the term means a contract for the use of money. State v. School Dist., 13 Neb. 88, 12 N.W. 812. The term may be used to express the idea of receiving something from another for one's own use, to appropriate. Finch v. McClellan, 77 Ind. App. 533, 130 N.E. 13, 15. The word "loan" is the correlative of "borrow." U. S. v. Warn, D.C.Idaho, 295 F. 328, 330. The term when used in connection with lending an automobile chauffeur does not imply that the owner surrenders control over him. Hooper v. Brawner, 148 Md. 417, 129 A. 672, 677. Compare Henderson v. State, 75 Fla. 464, 78 So. 427, 428, holding that an indictment alleging that defendant "did borrow" a shotgun sufficiently alleged that defendant received the shotgun into his possession. The right to borrow money as applied to a municipal corporation is a power to create indebtedness. Jones v. Board of Education of Guilford County, 185 N.C. 303, 117 S.E. 37, 40.
Agreement by building and loan association, in purchasing residence property on which it had a first mortgage, to assume a second mortgage. Gardner v. Johns, 64 Ohio App. 229, 28 N.E.2d 691, 694.
"Borrow" has been held the reciprocal action with "to lend". Bank of United States v. Drapkin & Goldberg Const. Co., City Ct., N.Y., 11 N.Y.S.2d 334, 336. Dirt taken from plots of ground near sides of highway embankment. State v. Smith, 167 La. 301, 119 So. 56, 61. Earth brought from outside highway location and used for embankments. Barry v. Duffin, 290 Mass. 398, 195 N.E. 511, 514.
More On This Topic:
BORROWED MONEY OR PROPERTY
BORROWED CAPITAL
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That's the definition of BORROW in Black's Law Dictionary - Courtesy of Cekhukum.com.
