North Dakota Code 47-12-01 – Loan for use defined
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A loan for use is a contract by which a lender gives to a borrower the temporary possession and use of personal property and the borrower agrees to return the identical personal property to the lender at a future time without reward for its use.
Terms Used In North Dakota Code 47-12-01
- Contract: A legal written agreement that becomes binding when signed.
- Personal property: All property that is not real property.
- Personal property: includes money, goods, chattels, things in action, and evidences of debt. See North Dakota Code 1-01-49