contractual transfer of dollars or personal property for a specified objective. An example is the consignmentof goods from the consignor to consignee. Another example is a bank holding an asset of a borrower as collateral. In a bailment, the deliverer is called the bailor and the receiver is termed the bailee.
delivery of personal property for safekeeping by another, with control and possession passing from the bailor (the owner) to the bailee. For example, personal items or stock certificates, held in trust in a bank safe deposit box. The bailee has no knowledge of the items delivered and no fiduciary relationship is created, as in a trust agreement.
delivery of personal property to be held in trust. The term also refers to the relationship that arises where one person, the bailor, delivers property to another, the bailee, to hold, with control and possession of the property passing to the bailee.
transfer of property from a bailor to a bailee; for example, transferring a suit to be cleaned from the bailor (owner) to the bailee (cleaners).
