bailment |
|
Definition
Transfer of personal property by one party (the bailor) in the possession, but not ownership, of another party (the bailee) for a particular purpose. Such transfer is made under an express or implied contract (called bailment contract or contract of bailment) that the property will be redelivered to the bailor on completion of that purpose, provided the bailee has no lien on the goods (such as for non-payment of its charges). The bailee is under an obligation to take reasonable care of the property placed under its possession. Bailment contracts are a common occurrence in everyday life: giving clothes to a launderer, leaving car with an auto mechanic, handing over cash or other valuable to a bank, etc.
email to a friend
print this definition
cite this definition
link to this page
bailment is in the Agreements & Contracts, Banking, Commerce & Finance and Corporate, Commercial, & General Law subjects.
bailment appears in the definitions of the following terms: warehouse-keeper's liability and derivative possession
bailment appears in these other terms: contract of bailment, bailment contract
This content can be found on the following page:
http://www.businessdictionary.com/definition/bailment.html