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bailment definition
1) the act of placing property in the custody and control of another, usually by
agreement in which the holder (bailee) is responsible for the safekeeping and return
of the property. Examples bonds left with the bank, autos parked in a garage, animals
lodged with a kennel, or a storage facility (as long as the goods can be moved and
are under the control of the custodian). While most are "bailments for hire" in
which the custodian (bailee) is paid, there is also "constructive bailment" when
the circumstances create an obligation upon the custodian to protect the goods,
and "gratuitous bailment" in which there is no payment, but the bailee is still
responsible, such as when a finder of a lost diamond ring places it with a custodian
pending finding the owner. 2) the goods themselves which are held by a bailee. Thus,
the "bailor" (owner) leaves the "bailment" (goods) with the "bailee" (custodian),
and the entire transaction is a "bailment. "
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