A loan which the lender permits the borrower at his option to treat as a loan for use or for exchange, is subject to all the provisions of this chapter relating to loans for exchange.

Source: CivC 1877, § 1088; CL 1887, § 3711; RCivC 1903, § 1407; RC 1919, § 1030; SDC 1939, § 38.0204.

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