BORROWING has, in the case of money, several legal applications of a general nature, in which the law with regard to bonds, mortgages, and other similar securities, has to be considered. See the articles on these subjects. More strictly, borrowing may be described as a contract under the law of bailments (see CONTRACT), and may be briefly and simply defined as asking or taking a loan. The essentials of this contract are, that there must be a certain specific thing lent, such as a book, an article of furniture, a horse, or it may be a house, laud, or even an incorporeal right. But is the law of England the contract is confined to goods and chattels or personal property, and does not extend to real estate. Lord chief-justice llolt's definition described it as a borrowing of a thing knt, in contra distinction to a thing deposited, or sold, or intrusted to another for the sole benefit or purposes of the owner. Again, the borrowing must be gratuitous and for the borrower's use, which use must be the principal object. and not a mere accessory. Such use, too, may be for a limited time or for an indefinite period. The contract must also be of a legal nature, for if it is immoral, or against law, it is utterly void; this, however, is a necessary qualification of all contracts. Lastly, the property which is the subject of the contract must be borrowed or lent to be spteijically returned to the lender at the determi nation of the agreement, in which respect it differs from a loan for consumption.
The persons who may borrow and lend are all those who can legally make a con tract; a capacity, therefore, which excludes married women, unless they act with the consent of their husbands, when it binds the latter and not the wives.
It is not necessary that the lender should he absolute proprietor of the thing lent or borrowed; it is sufficient if he have either a qualified or a special property therein, or a lawful possession thereof. As to the borrower, he has the right to use the thing during the time and for the purpose intended, whether such intention is exoressed or implied; but beyond this lie cannot go. The following quotation from Mr. Justice Story's cele brated work on bailwents tto which reference is generally made), is useful for popular information: "A gratuitous loan is to be considered as strictly personal, unless, from other circumstances, a different intention may fairly be presumed. Thus, if A lends B her je•el:: to wear, this will not authorize B to lend them to C to wear. So, if C lends D his horse to ride to Boston, this will not authorize D to allow E to ride the horse to Boston. But if a man lends his horses and carriage for a month to a friend for his use, there, a use by any of his family, or for family purposes, may be fairly although not use for the benefit of mere strangers." During the period of the loan, the borrower has no property in the thing, but a mere right of possession and use of it. But, not withstanding, if the thing lent and borrowed be injured by a stranger, it would appear that the borrower may maintain an action for the recovery of damages; the mere posses sion of property without title being; sufh&nt against a wrong-doer. See CONTRACT, LOAN, besides the subjects above referred to.