bailment


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Bailment

In law, a situation in which one party (the bailee) temporarily takes possession of the property of another party (the bailor). Unlike a lease, a bailment does not transfer the ability to use the property, only its possession. The bailee does, however, have a fiduciary responsibility to return the property in the same condition. See also: Bailee's Customer Insurance.

bailment

A legal relationship is which a person (bailor) surrenders control of personal property to another (bailee), but with the agreement that the goods will be returned or accounted for upon request.Bailees are not insurers of goods and are responsible only for their own negligence in carrying out the terms of the bailment agreement, not for any third-party theft or vandalism, unless the bailees specifically represented they would protect the goods against third parties.Warehouse operations are typically bailments,as are records storage businesses.Most self-storage facilities,in which consumers retain their own lock,are not bailments.

References in periodicals archive ?
Sometimes a bailment is coupled with the power to sell the
Whenever the issue of "c,c,c" is raised in a CGL context, invariably the entire discussion seems to assume we are only talking personal property bailments, such as our specific claim in last month's article.
1) The term "loan" is set in quotation marks because the law does not really refer to a transfer of possession of tangible property as a loan, but rather as any of a lease, transfer of a term interest followed by a reversion, revocable transfer, license, bailment, or permissive use.
Bailment operates at the other end of the spectrum.
His suit alleged that the Barkers breached their bailment agreement, and a jury found in his favor, awarding him compensatory damages and attorney fees.
The partial and limited entrustment described in the law concerning bailment fits the situation of medical researchers.
Where a bank offers safekeeping or safety deposit box facilities, the legal relationship becomes one of bailment.
The public liability cover usually contained an exclusion in respect of property being kept in the possession of the insured, commonly referred to as a bailment excl usion.
23) As legal commentators acknowledged, the law of bailment, which included the relationship of locatio operis, or the hiring of labor for reward, was entirely appropriate for regulating the disposition of property in the putting-out system.
These include powers of supervision over the police,(103) issuance of arrest and search warrants, bailment orders, and the inspection of prisons.
The execution of a Bill of Lading creates an extraordinary bailment between the shipper (bailor) and carrier (bailee)(58) and binds the parties to any applicable transportation law which is effective on the day of execution, when the carrier takes possession of goods, is given complete instructions by the shipper, and totally accepts the shipment.
It discusses information sharing, legal issues and bailment letters, makes recommendations to avoid problems and reviews codes of ethics.