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 ?
is a bailment. A bailment is the "delivery of personal property by one
Hungary argued that the bailment claim could not go forward because of its commercial nature, which should go through the FSIA commercial activity exception.
Instead, it concluded that the return of the art is irrelevant because "the subsequent return of property confiscated by the government does not extinguish the earlier taking; it simply converts a permanent taking to a temporary one, altering the appropriate measure of damages." But the family's bailment claims do not seek only damages for Hungary's temporary possession of this artwork from World War II until its return.
(58) We selected four areas perched between property and contract--landlord-tenant, trusts, bailments, and security interests--and we showed that standardization exhibits the pattern we expect.
Allocating the Burden of Proof in Bailment Agreements Involving Missing Cattle Grazed on Public Rangeland: Comia v.
to end the bailment. If the garnishee surrenders the lawn mower to the
(1.) A bailment agreement recognizes that the customer who purchased the raw materials owns those materials even though they are in the possession of the supplier.
(121) In addition to assigning liability using the "degrees of negligence" scheme from bailment law, the statute specifically contemplated reduction of damages.
As stated in the SSA's definition quoted earlier in this article, a serf storage tenant rents space with no "bailment" in the agreement.
From this evidence, it is clear that the keeping of fractional reserves within the Chettiar system stemmed from debt contracts and not from bailments. White (2003) stresses the possibility of a hybrid instrument between a pure debt and a pure safekeeping transaction, calling it "demandable debt." This in-between category of demandable debt seems to apply well to the Chettiar case.
This arrangement has the form of a pure deposit contract, which is a bailment of goods.
In simpler terms, bailment is the delivery of tangible personal property to a person on the condition that it be returned by the bailee to the bailor as soon as the purpose of the delivery is complete.