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47-13 Loans of Personal Property for Exchange

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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<br>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<br>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<br>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<br>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<br>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<br>lender without demand as soon as the time has expired or the purpose has been accomplished.<br>In any other case, it need not be returned until demanded. The borrower of personal property for<br>exchange shall return a similar article to the lender at the place contemplated by the parties at<br>the time of the exchange, or if no particular place was contemplated by them, at the place where<br>it was at the time of the exchange.Page No. 1Document Outlinechapter 47-13 loans of personal property for exchange