- A delivery of goods from the bailor (the owner of the goods) to the bailee (the recipient of the goods), on the condition that the goods will ultimately be returned to the bailor. The goods may thus be hired, lent, pledged, or deposited for safe custody. A delivery of this nature is usually also the subject of a contract; for example, a contract with a bank for the deposit of valuables for safekeeping. Nonetheless, in English law a bailment retains its distinguishing characteristic of a business relationship that arises outside the law of contract and is therefore not governed by it.
Accounting dictionary. 2014.
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bailment — bail·ment / bāl mənt/ n [Anglo French bayllment, from bailler to hand over see bail]: the transfer of possession but not ownership of personal property (as goods) for a limited time or specified purpose (as transportation) such that the… … Law dictionary
Bailment — describes a legal relationship in common law where physical possession of personal property (chattels) is transferred from one person (the bailor ) to another person (the bailee ) who subsequently holds possession of the property. However, it is… … Wikipedia
bailment — bail‧ment [ˈbeɪlmənt] noun [uncountable] LAW the right to use someone else s property without becoming its owner * * * bailment UK US /ˈbeɪlmənt/ noun [U] ► LAW the right to take possession temporarily of someone else s property: »A contract of… … Financial and business terms
Bailment — Bail ment, n. 1. (Law) The action of bailing a person accused. [1913 Webster] Bailment . . . is the saving or delivery of a man out of prison before he hath satisfied the law. Dalton. [1913 Webster] 2. (Law) A delivery of goods or money by one… … The Collaborative International Dictionary of English
bailment — [bāl′mənt] n. 1. the providing of bail for an arrested person 2. the delivering of goods by one party to another to be held in trust for a specific purpose and returned when that purpose is ended … English World dictionary
bailment — A delivery of goods or personal property, by one person (bailor) to another (bailee), in trust for the execution of a special object upon or in relation to such goods, beneficial either to the bailor or bailee or both, and upon a contract,… … Black's law dictionary
Bailment — The contractual transfer of possession of assets or property for a specific objective. In bailment, the deliverer of the asset is the bailor, and the receiver is the bailee. In a bailment transaction, ownership is never transfered, and the bailor … Investment dictionary
bailment — /bayl meuhnt/, n. Law. the delivery of personal property returnable to the bailor after being held for some purpose. [1545 55; earlier bailement < AF; OF baillement. See BAIL1, MENT] * * * ▪ law in Anglo American property law, delivery of… … Universalium
bailment — A delivery of good from the bailor (the owner of the goods) to the bailee (the recipient of the goods), on the condition that the goods will ultimately be returned to the bailor. The goods may thus be hired, lent, pledged, or deposited for safe… … Big dictionary of business and management
bailment — / beɪlmənt/ noun a transfer of goods by someone (the bailor) to someone (the bailee) who then holds them until they have to be returned to the bailor (NOTE: Putting jewels in a bank’s safe deposit box is an example of bailment.) … Dictionary of banking and finance