Académique Documents
Professionnel Documents
Culture Documents
Twitter
GENERAL PROVISIONS ON LOAN
Art. 1933. By the contract of loan, one of the parties delivers to another,
either something not consumable so that the latter may use the same for a
certain time and return it, in which case the contract is called a
commodatum; or money or other consumable thing, upon the condition that
the same amount of the same kind and quality shall be paid, in which case
the contract is simply called a loan or mutuum.
In commodatum the bailor retains the ownership of the thing loaned, while in
simple loan, ownership passes to the borrower. (1740a)
CONTRACT OF LOAN
>
The abovementioned defines the two kinds of loan and gives their
characteristics
>
KINDS OF LOAN
1. COMMODATUMwhere the bailor delivers to the bailee a non-consumable
thing so that the latter may use it for a certain time and return the identical
thing
1. In commodatum, if you do not return the thing when it is due, you will be liable
for estafa because ownership of the property is not transferred to the borrower.
>
The abovementioned is a necessary consequence of the fact that
commodatum and mutuum are real contracts which require the delivery of the
subject matter thereof for their perfection
FORMALITY IN LOAN
>
There are no formal requisites for the validity of a contract of loan except if
there is a stipulation for the payment of interest. A stipulation for the payment
of interest must be in writing.
COMMODATUM
NATURE OF COMMODATUM
Art. 1935. The bailee in commodatum acquires the used of the thing loaned but not its fruits; if any
compensation is to be paid by him who acquires the use, the contract ceases to be a commodatum.
(1941a)
KINDS OF COMMODATUM
1. ORDINARY COMMODATUM
2. PRECARIUMone whereby the bailor may demand the thing loaned at will
Art. 1936. Consumable goods may be the subject of commodatum if the purpose
of the contract is not the consumption of the object, as when it is merely for
exhibition. (n)
Art. 1937. Movable or immovable property may be the object of commodatum. (n)
Art. 1938. The bailor in commodatum need not be the owner of the thing loaned. (n)
the
members of the bailee's household may make use of the thing loaned, unless there is a stipulation to
the contrary, or unless the nature of the thing forbids such use.