What is a Commodatum in law?
Legal Definition of commodatum : a gratuitous loan of movable property to be used and returned by the borrower : loan for use at loan — compare deposit, gratuitous bailment at bailment, loan for consumption at loan.
What is Commodatum example?
There are two kinds of loan in the Philippines: commodatum and mutuum (simple loan). So, for example, if Juan borrows money in the amount of P1,000.00 from John and John agrees, then the contract of loan is perfected. But it is only when John gives P1,000.00 to Juan that the contract of loan is consummated.
What is the difference between Commodatum and mutuum?
[6] Commodatum is a loan for use or temporary possession (Art. 1935.), while mutuum is a loan for consumption. Use or temporary possession of the thing may or may not include its fruits.
What is the object of Commodatum?
In COMMODATUM, the object borrowed is usually a non-consumable thing the ownership of which is not transferred to the borrower who incurs the obligation to return the very thing to the lender.
Is commodatum is a real contract?
Real contracts, such as deposit, pledge and commodatum are not perfected until the delivery of the object of the obligation.
Is commodatum always gratuitous?
Commodatum is essentially gratuitous. Simple loan may be gratuitous or with a stipulation to pay interest. ARTICLE 1946. The bailor cannot demand the return of the thing loaned till after the expiration of the period stipulated, or after the accomplishment of the use for which the commodatum has been constituted.
Is Commodatum is a real contract?
Which of the following is a characteristic of Commodatum?
What is Commodatum? It is where one of the parties (bailor) delivers to another (bailee) a non-consumable object, so that the latter may USE the same for a certain period and later RETURN it.
What kind of contract is commodatum?
It is a gratuitous contract, the obligation being to return the goods, fair wear and tear excepted. See MUTUUM. COMMODATUM. A contract, by which one of the parties binds himself to return to the other certain personal chattels which the latter delivers to him, to be used by him, without reward; loan -for use.
Is commodatum a contract?
COMMODATUM. A contract, by which one of the parties binds himself to return to the other certain personal chattels which the latter delivers to him, to be used by him, without reward; loan -for use.
Where does the word commodatum come from in law?
The word commodatum comes from the Latin word commodore which means “to lend.” It is a loan for use at loan. This arrangement is for the sole benefit of the borrower.
What is the legal definition of commodatum loan?
Legal Definition of commodatum. : a gratuitous loan of movable property to be used and returned by the borrower : loan for use at loan — compare deposit, gratuitous bailment at bailment, loan for consumption at loan.
How is a commodatum similar to a donation?
1. COMMODATUM IS ESSENTIALLY GRATUITOUS a. A commodatum is essentially gratuitous b. The contract ceases to be a commodatum if any compensation is to be paid by the borrower who acquires the use c. A commodatum is similar to a donation in that it confers a benefit to the recipient
Which is the subject of a commodatum contract?
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.