Definitions for bailmentˈbeɪl mənt
This page provides all possible meanings and translations of the word bailment
the delivery of personal property in trust by the bailor to the bailee
The handing over of control over, or possession of, personal property by one person, the bailor, to another, the bailee, for a specific purpose upon which the parties have agreed.
the action of bailing a person accused
a delivery of goods or money by one person to another in trust, for some special purpose, upon a contract, expressed or implied, that the trust shall be faithfully executed
Bailment describes a legal relationship in common law where physical possession of personal property, or a chattel, is transferred from one person to another person who subsequently has possession of the property. It arises when a person gives property to someone else for safekeeping, and is a cause of action independent of contract or tort. Bailment is distinguished from a contract of sale or a gift of property, as it only involves the transfer of possession and not its ownership. To create a bailment, the bailee must both intend to possess, and actually physically possess, the bailable chattel. Bailment is a typical common law concept although similar concepts exists in civil law. In addition, unlike a lease or rental, where ownership remains with the lessor but the lessee is allowed to use the property, the bailee is generally not entitled to the use of the property while it is in his possession. A common example of bailment is leaving your car with a valet. Leaving your car in a parking garage is typically a license, as the car park's intent to possess your car cannot be shown. However, it arises in many other situations, including terminated leases of property, warehousing or in carriage of goods.
The numerical value of bailment in Chaldean Numerology is: 7
The numerical value of bailment in Pythagorean Numerology is: 4
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