Legal Definitions - borrow

To borrow, as a verb, means to temporarily take possession of something that belongs to another person or entity. This action always comes with an explicit or implied understanding that the item will be returned, or that an equivalent amount of money will be repaid, often with additional charges such as interest. The act of borrowing creates an obligation on the part of the borrower to fulfill these terms.

• Example 1: A Neighborly Exchange
  Imagine a homeowner, Alex, needs a specific ladder to clean his gutters. He asks his neighbor, Brenda, if he can borrow her extension ladder for the afternoon. Brenda agrees, expecting Alex to return the ladder in the same condition once he has finished his task.
  • Explanation: Alex is temporarily taking possession of Brenda's property (the ladder) with the mutual understanding that he will return it after a specific use. This illustrates borrowing a physical item for a limited time with the intent to return it.
• Example 2: Funding a New Business Venture
  A budding entrepreneur, Carlos, wants to launch a new tech startup. To cover initial operating costs and equipment purchases, he applies for and receives a small business loan from a bank. Carlos agrees to borrow $100,000 from the bank, signing a contract that outlines the repayment schedule, including principal and interest, over a seven-year period.
  • Explanation: Carlos is receiving a sum of money from the bank with a clear, legally binding obligation to repay the full amount, plus additional interest, over an agreed-upon timeframe. This is a classic example of borrowing money, where the repayment terms are formally established.
• Example 3: University Resource Access
  A university student, Diana, needs a specific academic journal article for her research paper. Instead of purchasing it, she accesses the university's digital library and downloads the article, which is available for students to borrow for a limited viewing period or for printing for personal academic use.
  • Explanation: Diana is temporarily accessing and using intellectual property (the journal article) provided by the university. While not a physical return, the act of borrowing here implies temporary access and use within the terms set by the lending institution, rather than permanent ownership or unrestricted distribution.