As a necessary consequence of the absolute transfer of the property in, as well as the custody of, the chattel lent, the borrower is not, by reason of its accidental loss or destruction, released from his obligation to return to the owner its equivalent in kind upon demand, for it is the borrower's property, and the rule is that the risk passes with the property in the chattel1.
An actual demand is, however, a condition precedent to a claim for the non-delivery of the equivalent; just as where a person deposits money in the hands of another, to be kept
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