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.
In addition to assigning liability using the "degrees of negligence" scheme from bailment law, the statute specifically contemplated reduction of damages.
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.
Rather, he borrowed wholesale the Roman approach to bailments, which he then applied to this particular case.
at 787 ("[I]f the transaction does not fit under section 2-236 [sic], then the transaction falls entirely outside the Uniform Commercial Code, and the Court must then fall back on the common law of bailments and other traditional practices.
We have discussed car bailments as involving transfer of the key.
The answer to this question depends on whether the tolling arrangement is a consignment or bailment.
Recent claims involving bailments to auction houses offer
This section applies to contracts for the purchase, lease, or bailment of real or personal property.
In the event that you operate in a state where the courts are inclined to apply the UCC to bailment situations, you may find your actions judged against the standards contained therein.
Nevertheless, Aquinas purports to discern in these texts the purpose and intent of ancient Israel's form of government and its law of bailments.
But any analysis of Chinese law, whether it be sale law, contract law, law of bailments, etc.