Tarver v. Beneficial Loan Society

1. In a written instrument executed by a borrower of money, which conveys to the lender title to personal property as security for the debt, a provision that the borrower agrees to hold the property as “bailee” for the lender until the debt is paid does not, on payment of the debt, operate to divest the lender of the fee. It can, on payment of the debt, do no more than deprive the property of its contractual status as a bailment and leave the parties in the situation in which they would have been had this provision not been inserted in the contract, namely, a situation in which the legal…