LOAN-RECEIPT AGREEMENT

loan-receipt agreement.Torts. A settlement agreement by which the defendant lends money to the plaintiff interest-free, the plaintiff not being obligated to repay the loan unless he or she recovers money from other tortfeasors responsible for the same injury. [Cases: Compromise and Settlement  7; Insurance  3524. C.J.S. Compromise and Settlement § 29; Insurance §§ 1465, 1467.]
[Blacks Law 8th]