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LSDefine
Simple English definitions for legal terms
bailment
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A quick definition of bailment:
A bailment is when someone gives something to someone else to hold onto, but they still own it. The person who gives the thing is called the bailor, and the person who holds onto it is called the bailee. It's important to remember that just because someone is holding onto something, it doesn't mean they own it.
A more thorough explanation:
A 'bailment' is a legal term that refers to the transfer of possession of an object without transferring ownership. This means that someone can lend something to another person without giving up their ownership rights to that thing.
For example, if you lend your friend your bike, you are creating a bailment. You are still the owner of the bike, but your friend has possession of it for a certain period of time. If your friend were to sell the bike or damage it, you would still be the owner and could take legal action.
It's important to note that the right to possess something is separate from the right to own it. This means that even if you own something, you can still be accused of stealing it if you take it back from someone you lent it to without their knowledge or permission.
Overall, a bailment is a way for someone to lend something to another person while still maintaining ownership rights. It's a common practice in many situations, such as renting a car or borrowing a book from the library.