Business, Legal & Accounting Glossary
A person who receives goods under a bailment, that is, in circumstances where the goods enter his possession but where he is under an obligation to return them to the original party at the agreed time.
n. a person, also called a custodian, with whom some article is left, usually pursuant to a contract (called a “contract of bailment”), who is responsible for the safe return of the article to the owner when the contract is fulfilled. These can include banks holding bonds, storage companies where furniture or files are deposited, a parking garage, or a kennel or horse ranch where an animal is boarded. Leaving goods in a sealed rented box, like a safe deposit box, is not a bailment, and the holder is not a bailee since he cannot handle or control the goods.
One who holds bailed property; one who takes possession of the property of another (called a bailor) in order to keep that property safe for the other.
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This glossary post was last updated: 26th April, 2020 | 1 Views.