Business, Legal & Accounting Glossary
One who bails property; one who places property in the hands of another (called a bailee) for safekeeping.
A person who transfers goods to another under a bailment. No title is transferred, and the bailor can expect to get the goods back when the conditions of the bailment are fulfilled.
n. a person who leaves goods in the custody of another, usually under a “contract of bailment,” in which the custodian (“bailee”) is responsible for the safekeeping and return of the property. Sometimes the bailor is not the owner but a person who is a servant of the owner or a finder (say, of jewellery) who places the goods with the bailee until the owner is found.
Someone who delivers an item of personal property to another person for a specific purpose. For example, a person who leaves a broken VCR with a repairman in order to get it fixed would be a bailor.
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This glossary post was last updated: 26th April, 2020 | 2 Views.