MUTUUM

1 definition found

From Bouvier's Law Dictionary, Revised 6th Ed (1856) [bouvier]:

  MUTUUM, or loan for consumption, contracts. A loan of personal chattels to 
  be consumed by the borrower, and to be returned to the lender in kind and 
  quantity; as a loan of corn, wine, or money, which are to be used or 
  consumed, and are to be replaced by other corn, wine, or money. Story on 
  Bailm. Sec. 228; Louis. Code, tit. 12, c. 2; Ayliffe's Pand. 481; Poth. 
  Pand. tom. 22, h.t.; Dane's Ab. Index, h.t.; 1 Bouv. Inst. logo. 


       2. It is of the essence of this contract, 1st. That there be either a 
  certain sum of money, or a certain quantity of other things, which is to be 
  consumed by use which is to be the subject-matter of the contract, and which 
  is loaned to be consumed. 2d. That the thing be delivered to the borrower. 
  3d. That the property in the thing be transferred to him. 4th. That he 
  obligates himself to return as much. 5th. That the parties agree on all 
  these points. Poth. Pret. de Consomption, n. 1; 1 Bouv. Inst. n. 1091-6.