Legal Definitions - lend

To lend means to temporarily provide something to another person or entity, with the clear understanding that the item itself, or an equivalent value (especially when money is involved), will be returned. This temporary transfer might be free of charge, or it could involve a fee, interest, or other form of compensation for the use of the item or funds.

• Example 1: Lending an Item (Gratuitous)
  Imagine a scenario where a university student, Alex, needs a specific textbook for a weekend assignment but cannot afford to buy it. His friend, Ben, owns the textbook and agrees to let Alex use it until Monday. Ben has lent the textbook to Alex. Alex receives temporary use of the book, and the condition is that he must return that specific book to Ben by the agreed deadline, without any payment for its use.

• Example 2: Lending Money (With Interest)
  Consider a couple, Emily and Mark, who apply for a mortgage from a bank to purchase their first home. The bank approves their application and provides them with a substantial sum of money. The bank has lent this money to Emily and Mark. This is a temporary provision of funds, with the explicit condition that Emily and Mark must repay the original amount (the principal) along with an agreed-upon amount of interest over many years, typically through monthly installments.

• Example 3: Lending an Item (With Compensation)
  A construction company, "BuildRight Inc.," needs a heavy-duty excavator for a short-term project but doesn't own one. They contact "Equipment Rentals Co." and arrange to use an excavator for three weeks. "Equipment Rentals Co." has lent the excavator to BuildRight Inc. BuildRight Inc. gains temporary use of the machinery in exchange for a rental fee, and the condition is that they must return that specific excavator in good working order at the end of the three-week period.