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 ?
9) This excludes bailments which took the specific form of a pledge and operated by way of security.
Sometimes a bailment is coupled with the power to sell the
slight, ordinary, and gross negligence--may be traced to Roman law (96) and continued into England with the law of bailments.
44) Still, the Court provisionally recognized the merit of other claims, such as the defendant's breach of an implied contract of bailment with the plaintiffs, and allowed the case to proceed through limited discovery.
39) This leaves the bailment analysis, but if the terms of such a transaction were understood to require destruction of the bike (and this would seem the most natural construction if a bailment had indeed been intended), (40) then its salvage may be characterised as a deviation from the terms of the bailment, and constitute conversion.
Similarly, if the real property exists in a bailment situation, the intent is to look to direct property coverage, whether that be in the commercial property forms or inland marine.
197) The only other possibilities are those of bailment and license.
The agreement between the property owner (called the bailor) and the bailee is called a bailment contract.
There are various standards of care that a bailee must meet, depending upon whether the bailment is gratuitous or a bailment for hire (paid).
Second, allowing patients a full set of property rights in their excised tissue would seemingly turn tissue transfers into a simple bailment.
Taking bailment as the prototype, he shows that the generic understanding of a promise is to take due care, not to guarantee a result.
96) Proving this exception under the Revised Article 9 does not give consignors a right to retrieve their artwork from the bankruptcy estate; instead, courts further analyze whether the transaction falls under section 2-326(3), and if it does not, courts apply common law principles of bailment.