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Simple English definitions for legal terms
mutuary
Read a random definition: justice of the peace (JP)
A quick definition of mutuary:
Term: MUTUARY
Definition: A mutuary is someone who receives property through a mutuum, which is a type of loan where the borrower is obligated to repay the same amount of property or goods borrowed. It is important to note that a mutuary is not the same as a mutuant, who is the borrower in a mutuum.
A more thorough explanation:
Definition: A mutuary is a person who receives property in a mutuum. A mutuum is a type of loan where the borrower is obligated to return the same amount of property, not just the same value.
Example: John borrows 10 apples from Mary in a mutuum. Mary is the mutuant, and John is the mutuary. John is obligated to return 10 apples, not just 10 apples' worth of value.
The example illustrates the definition by showing how a mutuum works and who the mutuary is in the transaction.