Loanee

A loanee is an individual or entity that receives something, typically money, property, or a service, from a lender or provider on the condition that it will be returned or repaid, often with interest or fees, within a specified timeframe. The term highlights the temporary possession or benefit derived from the object of the loan, emphasizing the responsibility of eventual return. The loan can be formal or informal, and the loanee is bound by the loan agreement to follow all the regulations that are in place. This can include, for example, payments or collateral.

Loanee meaning with examples

• The university considered the student a loanee for the laptop; they were responsible for its safe return at the end of the semester. The university, not the student, owned the laptop until its eventual return. The student followed all the rules set by the university, which made sure everything ran smoothly.
• The small business was a loanee of the government's emergency relief fund, needing to provide regular financial updates until the loan was fully repaid. The loanee had to ensure they had the capability of meeting all the conditions of the agreement. The loan was essential for the business to stay afloat.
• During the game, the star player was a loanee from a rival club, bolstering the team's chances of victory for the season. They were required to fulfill the role of the star player for the team, and were responsible for following all the rules, just like everyone else.
• She was a loanee of several books from the library, and she had to carefully keep track of due dates to avoid late fees. The loanee had to make sure that the books were brought back to the library on time. Late fees can quickly rack up with such arrangements.
• The art gallery treated the sculpture as a loanee from a private collection, ensuring its proper display and security during the exhibition. They were required to keep it safe, secure, and in display during the event, as the owners wanted.