Bailee

Business, Legal & Accounting Glossary

Definition: Bailee


Quick Summary of Bailee


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.



What is the dictionary definition of Bailee?

Dictionary Definition


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.


Full Definition of Bailee


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.


Cite Term


To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.

Page URL
https://payrollheaven.com/define/bailee/
Modern Language Association (MLA):
Bailee. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. November 29, 2020 https://payrollheaven.com/define/bailee/.
Chicago Manual of Style (CMS):
Bailee. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. https://payrollheaven.com/define/bailee/ (accessed: November 29, 2020).
American Psychological Association (APA):
Bailee. PayrollHeaven.com. Retrieved November 29, 2020, from PayrollHeaven.com website: https://payrollheaven.com/define/bailee/

Definition Sources


Definitions for Bailee are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 26th April, 2020 | 0 Views.