The pay to a pilot sumed. The borrower must take proper for conducting -Cowell. a ship from one place to another. care of the thing borrowed, use it according to the lender's intention, restore it at LOAF SUGAR, (in revenue act). 1 Sumn. (U. the proper time, and in a proper condiS.) 159, 161. tion. LOAN.-A bailment without reward; 24. The lender must suffer the boranything lent or given to another on condition of return or repayment. A sum of money confided to another. If it be effected by the government, it is a public loan. LOAN, (defined). 29 N. Y. 146, 167. (what constitutes). 2 Harr. (N. J.) 207; 6 East 186; 2 Nev. & Μ. 608. LOAN OR USE OF MONEY, (in a statute). 13 Serg. & R. (Pa.) 221; 2 Watts (Pa.) 264. LOAN CAPITAL.-In England, public and joint stock companies may create a loan capital, i. e. may borrow money on mortgage or bond or debenture stock; e. g. railway companies under the Railway Companies Act, 1867, (30 and 31 Vict. c. 127, 21). Such loan capital takes precedence usually of all other the general debts (but not liens) of the company.- Brown. LOAN, GRATUITOUS.- 1. A class of bailment which is called commodatum in the Roman law, and is denominated by Sir William Jones, a loan for use (prêt à usage), to distinguish it from mutuum, a loan for consumption. It is the gratuitous lending of an article to the borrower for his own use. 2. What constitutes. -- Several things are essential to constitute this contract. (1) There must be a loan of either goods or chattels, in contradistinction to a sale or a deposit of a thing with another for the sole benefit or purposes of the rower to use and enjoy the thing lent during the time of the loan, according to the original intention, without any molestation or impediment, under the peril of damages. He must re-imburse the borrower the extraordinary expenses to which he has been put for the preservation of the thing lent. He is bound to give notice to the borrower of the defects of the thing lent; and if he do not, but conceal them, and an injury occurs to the borrower thereby, the lender is responsible. Where the thing has been lost by the borrower, and, after he has paid the value thereof, is restored to the lender, the latter must return either the price paid or the thing; for, by such payment of the loss, the property is effectively transferred to the borrower. 5. Mr. Justice Story thus concludes his observations on gratuitous loans-a subject of daily occurrence in the actual business of human life: "It has, however," says he, "furnished very little occasion for the interposition of judicial tribunals, for reasons equally honorable to the parties and to the liberal spirit of polished society. The generous confidence thus bestowed is rarely abused; and if a loss or injury unintentionally occurs, an indemnity is either promptly offered by the borrower, or compensation is owner. (2) It must be lent gratuitously. promptly waived by the lender." Story (3) It must be lent for the use of the borrower, which must be the principal object, and not merely accessorial. (4) The property must be lent to be specifically returned to the lender at the determination of the bailment; and in this respect it differs from a mutuum, or loan for consumption, where the thing borBailm. c. iv. LODGED IN MY HANDS, (in a receipt). 3 Pa. 224.