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Simple English definitions for legal terms
bailee (custodian)
Read a random definition: FSA
A quick definition of bailee (custodian):
A bailee is someone who takes care of someone else's things for a little while. They have to make sure the things are safe and give them back to the owner when they are done taking care of them. It's like when you give your toy to a friend to play with, but they have to give it back to you when they are done.
A more thorough explanation:
A bailee is a person or entity who receives possession of someone else's property or goods through a contract called a bailment. The bailee is responsible for taking care of the property or goods and returning them to the owner (bailor) when the contract is fulfilled.
Unlike a sale, where ownership of the property or goods is transferred to the buyer, a bailee only has temporary possession and must return the property or goods to the owner. A bailee is also known as a custodian.
Examples of bailees include:
- Banks holding bonds
- Storage companies where furniture or files are deposited
- Parking garages
- Kennels or horse ranches where animals are boarded
These examples illustrate the definition of a bailee because in each case, the bailee is taking temporary possession of someone else's property or goods. The bailee is responsible for keeping the property or goods safe and returning them to the owner when the contract is fulfilled.