What is Bailment?
Bailment is the process of making delivery of an asset or other type of property. Generally, this type of transaction involves the owner of the assets choosing to temporarily place them in the control of another individual. The person who delivers the asset is usually known as the bailor, while the recipient of the assets is known as the bailee. The process of bailment is not a casual situation where an individual is asked to function as a caretaker for a short period of time. Part of the procedure with bailment it that a legal relationship is established between the owner and recipient. While the owner retains full rights to the assets, the physical possession of the assets is granted to the recipient. Along with the physical possession of the property or assets, the bailee may also be granted certain powers of administration that are related to management of the assets. Along with defining the rights of management during the time that the bailment is in effect, the legal documentatio
