Bailment (Noun)
Meaning
The delivery of personal property in trust by the bailor to the bailee.
Classification
Nouns denoting acts or actions.
Examples
- The pawnbroker accepted the jewelry as a bailment, promising to keep it safe while the owner was away.
- When a customer leaves their car in the parking garage, it is considered a bailment, with the garage owner responsible for its safekeeping.
- The museum received the artwork as a bailment from the collector, who retained ownership but allowed the museum to display it.
- The dry cleaner's contract stated that the garments were received as a bailment, and the cleaner was liable for any damage or loss.
- The storage facility's terms of service specified that the goods stored were held as a bailment, with the facility responsible for their security.