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: includes money, goods, chattels, things in action, and evidences of debt. See North Dakota Code 1-01-49
  • Property: includes property, real and personal. See North Dakota Code 1-01-49