"Put on loan" refers to the act of lending or leasing an item or asset to someone else for a specific period of time, usually with the expectation of its return. It is an arrangement wherein the owner or holder of the item, often a valuable possession, allows another party to temporarily possess and utilize the item, typically in exchange for certain terms and conditions.
When an item is "put on loan," the owner grants permission to the borrower to use the possession, but ownership and ultimate responsibility remain with the lender. The lender may require specific conditions to be met, such as ensuring proper care, maintenance, and return of the item in its original condition. Additionally, the lender may also impose specific restrictions on how the item can be used or determine any fees or charges associated with the loan.
The concept of "putting on loan" is commonly employed for various purposes, including museum exhibitions, library materials, sporting equipment, or personal belongings. This arrangement allows individuals or organizations without the means or access to particular items to benefit from their use temporarily, saving them from having to purchase or invest in the item themselves.
Overall, "put on loan" entails the temporary transfer of possession, under specific terms, from the owner to the borrower, with the expectation of its safekeeping and eventual return.
