47-13 Loans of Personal Property for Exchange - North Dakota Statutes

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CHAPTER 47-13LOANS OF PERSONAL PROPERTY FOR EXCHANGE47-13-01. Loan for exchange defined. A loan for exchange is a contract by which onedelivers personal property to another and the latter agrees to return to the lender a similar thing
at a future time without reward for its use.47-13-02. Loan for use or for exchange subject to provisions of chapter. A loanwhich the borrower is allowed by the lender to treat as a loan for use or for exchange at the
borrower's option is subject to all the provisions of this chapter.47-13-03. Title transferred to borrower. By a loan for exchange, the title to the thinglent is transferred to the borrower, and the borrower must bear all the expenses in connection
therewith and is entitled to all the increase thereof.47-13-04. Lender may not require change in obligations. A lender for exchange maynot require the borrower to fulfill the borrower's obligations at a time or in a manner different from
that which originally was agreed upon.47-13-05.Indemnity to borrower for concealed defects.The lender of personalproperty for exchange shall indemnify the borrower for damages caused by defects or vices in it
of which the lender knew at the time of the exchange and concealed from the borrower.47-13-06.Time and place for return of personal property to lender. If personalproperty is exchanged for a specific time or purpose, a similar article shall be returned to the
lender without demand as soon as the time has expired or the purpose has been accomplished.
In any other case, it need not be returned until demanded. The borrower of personal property for
exchange shall return a similar article to the lender at the place contemplated by the parties at
the time of the exchange, or if no particular place was contemplated by them, at the place where
it was at the time of the exchange.Page No. 1Document Outlinechapter 47-13 loans of personal property for exchange