Page:United States Statutes at Large Volume 47 Part 1.djvu/1267

 72d C ONURESS. SESS. II. CH. 128. FE BRUAR Y 27, 1933 . SEC. 806. L ENDER LIAB LE FOR DEFECTS .-The lender of a thing for use must indemnify the borrower for damage caused by defects or vices in it, which he knew at the ti me of lending, and concealed from the borrower. CROSS RermENoeE Li abili ty fo r exp enses, see sect ion 805. Title to property lent, see section 798. 1243 Liability for defects. CROSS REFEaa+INoEs Indemnity to depositary, see section 712 . Ante, p. 1228. Lo an for exchange, see sectinnc 810 and 814. Lender may require SEC. 807 . LEN DER MAY REQ UI RE RETURN OF THING LENT .-.-The return. lende r of a thi n for use may at any time requ ire its re turn, even though he lent it for a specified time or purpose. But if, on the faith of such an agreement, the borrower has made such arrange- ments that a return of the thing before the period agreed upon would cause him loss, exceeding the benefit derived by him from the l oan, the l ender must inde mnify him for s uch l oss, if he com- pel s suc h ret ur n, the borrower not having in any manner violated his duty. SEC. 808 .--WHEN REPURNABLE WITHOUT DRM AND.-If a thing is le nt when returnable for use for a specified time or purpose, it must be returned to the wi thout d emand. lender without demand, as soon as the time has expired, or the purpose has be en accomplished. In other cases it need not be returned until demanded. SEC. 809. PLACE OF RET UR N .-The borrower of a thing for use Place of retu rn. must return it to the lender, at the place contemplated by the parties at the time of lending or if no particular place was so contemplated by them, then at the place where it was at the time. L OAN FOR EX CHA NGE SEC. 810. LOAN FOR EXCHAN GE, WHAT .- A loan for exchange is a con tr act by which one delivers personal pro pe rty to another, and the latter agrees to return to the lender a similar thing at a future tim e, wi th out reward for its use. Loan for exchange. Definition. CROS S R> CB Loan of money as a loan for exchange, see section 815. Ep SEC. 811. SAia .-A loan which the borrower is allowed by the lenue to p1operty lend er to trea t as a loa n or use, or for exc hange , at his o ption , is subject to all the provisions of this subchapter. Site. 812 . TITLE To PROPERTY LENT .-By a loan for exchange the title to the thing lent is transferred to the borrower, and he mu st bear all its expenses, and is entitled to all its increase. Ante, p. 1242 Ante, p. 1242. SEC . 513. CONTRACT CAN NOT BE MODIFIED BY LENDER .-A lender Modification of con. tract. for excha nge can not req uire the b orrow er to fulf ill his ob ligat ions at a time, or in a manner, different from that • which was originally agreed upon. SEC. 814 . CERTAIN SECTIONS APPLICABLE .-Sections 806, 808, and Defects,return,etc. 809 apply to a loan for exchange. I