bailment

Popular Terms
Transfer of personal property by one party (the bailor) in the possession, but not ownership, of another party (the bailee) for a particular purpose. Such transfer is made under an express or implied contract (called bailment contract or contract of bailment) that the property will be redelivered to the bailor on completion of that purpose, provided the bailee has no lien on the goods (such as for non-payment of its charges). The bailee is under an obligation to take reasonable care of the property placed under its possession. Bailment contracts are a common occurrence in everyday life: giving clothes to a launderer, leaving car with an auto mechanic, handing over cash or other valuable to a bank, etc.

Use 'bailment' in a Sentence

The bailment was taking place and the property in question did change hands a few times in recent business history.
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I informed him that the bailment process would be over soon and we could all go on with our lives in a constructive fashion.
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You may need to give something to another party and using bailment can make it a more official transaction between the two.
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