bailment

(redirected from bailments)
Also found in: Dictionary, Thesaurus, Medical, Legal, Encyclopedia, Wikipedia.

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 ?
It would be awkward for the Service to cite these cases for the proposition that gratuitous licenses and bailments involve gifts, in light of the Service's longstanding, if imprecise, position to the contrary, embodied in rulings the Service has never revoked.
197) The only other possibilities are those of bailment and license.
relationship is one of bailment, which denotes the relation that arises
16) But the type of bailment, and its legal incidents, may
63) The execution and transfer of product possession(64) to the carrier binds the shipper and carrier to an extraordinary bailment, and to all applicable legally filed publications(65) which govern the product's interstate movement.
Under a motor common carriage arrangement the Uniform Domestic Bill of Lading commences the entire bailment process which binds the shipper, carrier, and ultimate consignee to the applicable statutory, regulatory, contractual, and common law scheme.
The dominant kind of bank on the European continent became a bank in which deposits became credits, not bailments.
The believer in liberty cannot possibly argue that fractional-reserve banking is immoral for all by some standard of morality or economics that says that a bank account has to be a bailment and not a credit.
307) Although we left open the possibility that the debtor "interferes" by terminating the bailment and taking back the mower.
The bailment of the lawn mower is no "debt," and termination of the bailment is no payment of a debt.
Common-law courts recognize bailments in the warehousing of goods.
As for their outer appearances, bank IOUs did not carry the words bailment or warehouse receipt or 100 percent covered by gold in the vault, as money warehouse receipts could carry to differentiate themselves.