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 ?
Allocating the Burden of Proof in Bailment Agreements Involving Missing Cattle Grazed on Public Rangeland: Comia v.
Hence, the deposited money represents a bailment or a present good, and the overissue of money substitutes constitutes fraud.
Similarly, if the real property exists in a bailment situation, the intent is to look to direct property coverage, whether that be in the commercial property forms or inland marine.
207) Even tenancies at-will are borderline by reason of being virtually indistinguishable from licenses and bailments.
parties to bailments of cultural material should make careful advance
This section applies to contracts for the purchase, lease, or bailment of real or personal property.
Nevertheless, Aquinas purports to discern in these texts the purpose and intent of ancient Israel's form of government and its law of bailments.
77) This decision and others that followed thereafter as legal precedent formally established this concept of common carrier through the law of bailments.
The company is newly formed but the principals comprise several years of experience in the areas of private finance through bailments and also have dealt with several auction houses in America.
The lawnmower bailments makes the restraining notice effective when served and thereby triggers the after-acquired debt feature in the third sentence of section 5222(b).
Likewise, bailments have not received much attention, despite being widespread, as in coat checks, parking, and the like.
Les nouveaux bailments sont d'abord concentres dans les limites du centre-ville actuel, mais au fil des ans, ils s'en eloignent graduellement pour s'etablir en peripherie du centre.