Bailment


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Bailment

 

in civil law, an obligation that arises on the basis of a contract or by force of law for one party (the bailee) to keep property for a second party (the bailor) and to return the property on demand in the condition in which it was received. In pre-revolutionary Russia, the contract of bailment was called the poklazha (deposit), and the two parties were called the po-klazhedatel’ (depositor) and poklazheprinimatel’ (deposit recipient, or custodian).

In the USSR the contract of bailment is regulated by special rules and by the civil codes of the Union republics—for example, Articles 422–433 of the Civil Code of the RSFSR. Parties to the contract may be citizens or socialist organizations. If the parties are citizens and the value of the property exceeds 100 rubles, the contract must be concluded in writing. Bailment is without recompense unless otherwise provided by law or contract. The bailee does not have the right to use the property entrusted to him unless otherwise specified by contract.

In case of loss of property, the bailee is obligated to reimburse the bailor for the full value of the property; in case of damage, the bailee must pay the amount by which the value has been decreased. Organizations established in part or in full to provide services of bailment—such as pawnshops, checkrooms, hotels, and refrigerated storehouses—bear increased responsibility. They are responsible not only for intentional loss of or damage to property but also for accidental loss or damage; they are freed from responsibility only in cases of force majeure.

References in periodicals archive ?
Bouley, supra note 241, at 1032 (noting that while cases are still tried, they are conspicuously few considering how many bailments there are in cattle country).
restraining notice, the debtor's right to terminate the bailment is
Selgin provides "circumstantial evidence consisting of (1) goldsmiths' practice of paying interest, or at least not charging any fees, to holders of their deposits and notes, which indicated that debts rather than bailments were being contracted; and (2) the lack of any contemporary testimony, in court or otherwise, to the effect that goldsmiths embezzled money placed with them for safekeeping" (2012, 6-7).
If a bank performs both of these functions together its "depositors" are no longer pure depositors in the bailment sense.
Bailments are another example of this accumulation of remedies.
Bailment describes a legal relationship in which physical possession of personal property is transferred from one person (the "bailor") to another person (the "bailee"), who subsequently holds the property for the benefit of the bailor and is subject to the bailor's right to reclaim possession at any time.
the grant of permission to use) real or personal property, (190) or (c) a bailment of personal property.
England's chancery courts (courts of equity), which had emerged to supplement the common law in order to provide relief when no legal remedies were available in the courts of law, began formally to enforce uses as they became popular and extended them to include agency and bailment relationships.
Second, allowing patients a full set of property rights in their excised tissue would seemingly turn tissue transfers into a simple bailment.
Stuart Logan doing business as Custom Innovations, Mobile, RV-Auto: Plaintiff alleges breach of contract, damage to property during bailment.