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bailment

   Also found in: Dictionary/thesaurus, Legal, Financial, Encyclopedia, Wikipedia 0.01 sec.
bailment,
n the delivery of personal property by one person to another in trust for a specific purpose with an expressed or implied contract that after the purpose has been fulfilled the property shall be returned, duly accounted for, or kept until reclaimed.
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There are two kinds of bailees: (1) A "true bailee" or a "bailee under a bailment transaction": This is someone who takes possession of another''s property with the owner''s consent - you borrow someone''s car, for example.
Legalese Explained What Is A "Bailee", and Are You One? by Bob Miles / Law community
 
 
 
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