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, express or implied, to perform the trust and carry out such object, and thereupon either to redeliver the goods to the bailor or otherwise dispose of the same in conformity with the purpose of the trust. The bailee is responsible for exercising due care toward the goods. Delivery of personalty for some particular use, or on mere deposit, upon a contract, express or implied, that after purpose has been fulfilled it shall be redelivered to the person who delivered it, or otherwise dealt with according to his directions, or kept until he reclaims it, as the case may be. Simpkins v. Ritter, 189 Neb. 644, 204 N.W.2d 383, 385.
Generally, no fiduciary relationship is created by a bailment and hence it is not accurate to refer to the transfer as "in trust", because no trustee-beneficiary relationship is created.
See also pawn
@ actual bailment
One which exists where there is either:
(a) an "actual delivery," consisting in giving to the bailee or his agent the real possession of the chattel, or
(b) a "constructive delivery," consisting of any of those acts which, although not truly comprising real possession of the goods transferred, have been held by legal construction equivalent to acts of real delivery
@ bailment for hire
A contract in which the bailor agrees to compensate the bailee.
See also bailee for hire and bailment for mutual benefit
@ bailment for mutual benefit
One in which the parties contemplate some price or compensation in return for benefits flowing from the bailment, necessarily involving an express or implied agreement or undertaking to that effect. For example, delivery of automobile to one who, for a consideration, undertakes to repair it
@ bailment lease
A legal method by which one desiring to purchase an article but unable to pay therefor at the time, may secure possession thereof with the right to use and enjoy it as long as he pays stipulated rentals and becomes absolute owner after completing such installment payments, on payment of an additional sum which may be nominal. This right or option is common in auto lease agreements.
@ constructive bailment
One arising where the person having possession of a chattel holds it under such circumstances that the law imposes upon him the obligation to deliver it to another. Wentworth v. Riggs, 159 App.Div. 899, 143 N.Y.S. 955, 956.
See also involuntary bailment.
@ gratuitous bailment
Another name for a depositum or naked bailment, which is made only for the benefit of the bailor and is not a source of profit to the bailee.
@ involuntary bailment
One arising by the accidental leaving of personal property in the possession of any person without negligence on the part of its owner.
See constructive bailment, above.
@ lucrative bailment
One which is undertaken upon a consideration and for which a payment or recompense is to be made to the bailee, or from which he is to derive some advantage.
See bailment for hire, above.
@ special bailment
In general, a bailment in which by law a bailee is given greater duties and liabilities than those imposed on an ordinary bailee. Innkeepers and common carrier bailees are examples
@

Black's law dictionary. . 1990.

Look at other dictionaries:

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  • 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

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