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 ?
It is not all leases or bailments of the relevant duration which are caught.
difficultly of applying the bailment rule to the complications of other negligence cases...." (101) After struggling with the doctrine and its application for nearly thirty-five years, the Supreme Court of Illinois eventually repudiated it completely in 1894.
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.
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.
parties to bailments of cultural material should make careful advance
Upon application to the court, a dependent of a servicemember is entitled to the protections of the act if the dependent's ability to comply with a lease, contract, bailment, or other obligation is materially affected by reason of the servicemember's military service.
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. The reasons he gives for these laws, their purposes, and the means chosen, are practical.
78 The Law of Bailments was well defined in Coggs v.
Eligibility Criteria : bailments / guarantees: according to tender documents
But it is worth recording a more general point, which is that many of the supposed art 'loans' of works transacted among collectors and exhibitors are in fact bailments for reciprocal benefit and not loans in the literal legal sense.