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21:11 Dec 9, 2016
Spanish to English translations [PRO] Bus/Financial - Finance (general) / Bank Guarantee
Spanish term or phrase:contrato de mutuo dinerario
A company is issuing a bank guarantee to back the compliance of an obligation for an infrastructure project.
Explanation: Perhaps 'Contract for Monetary Loan' would be sufficient.
Contrato de mutuo
El mutuo o préstamo de consumo es un contrato en virtud del cual una persona (prestamista o mutuante) entrega a otra (prestatario, mutuario o mutuatario) dinero u otra cosa consumible, para que se sirva de ella y devuelva después otro tanto del mismo género y cantidad.
The Mutuum Contract in Anglo-American Law
The mutuum contract, as noted in the previous post, is the basis of fractional reserve banking, and involves the loan of money to a bank as a mutuum, giving it ownership of the money, and the promise by the bank to return on demand money up the same amount. This is a demand deposit.
I will quote here some useful sources on the mutuum contract in the US and British law.