An individual who temporarily gains possession, but not ownership, of a good or other property under a bailment. The bailee is entrusted with the possession of the good or property by another individual known as the bailor. This relationship is based on a contractual agreement (a bailment) between the bailor and the bailee, which specifies the terms and purpose of the change in ownership.

While the goods are in the bailee's possession, the bailor is still the rightful owner. However, the bailee is responsible for their safekeeping and eventual return. Typically, the bailee is not entitled to use the goods or property. A bailee can serve as the overseer of an investment portfolio for a specified time period, or can be appointed to manage a rental property in the owner's absence. The bailee ensures the assets are kept safe until the owner of those assets is able to resume management.

Investment dictionary. . 2012.

Look at other dictionaries:

  • bailee — bail·ee /bā lē/ n: an individual or entity (as a business organization) having possession of another s personal property under a bailment ◇ Carriers and warehouses are two examples of bailees. A bailee s liability for loss or damage to property… …   Law dictionary

  • bailee — bail‧ee [beɪˈliː] noun [countable] LAW someone who has the right to use someone else s property, but without becoming its owner: • Under this arrangement, the bailee has an option to purchase the goods at a later date. * * * bailee UK US… …   Financial and business terms

  • Bailee — Bail ee (b[=a]l [=e] ), n. [OF. baill[ e], p. p. of bailler. See {Bail} to deliver.] (Law) The person to whom goods are committed in trust, and who has a temporary possession and a qualified property in them, for the purposes of the trust.… …   The Collaborative International Dictionary of English

  • bailee — [bāl ē′] n. [ BAIL1 + EE1] the party to whom property is delivered under contract of bailment …   English World dictionary

  • bailee —    One to whom the property of another the bailor is entrusted for a limited period. A museum that has assumed temporary custody of an object is a bailee …   Glossary of Art Terms

  • bailee — In the law of contracts, one to whom goods are bailed; one to whom goods are entrusted by a bailor; the party to whom personal property is delivered under a contract of bailment. A species of agent to whom something movable is committed in trust… …   Black's law dictionary

  • bailee — noun Date: 1528 the person to whom personal property is bailed …   New Collegiate Dictionary

  • bailee — /bay lee /, n. Law. a person to whom personal property is delivered in bailment. [1520 30; BAIL1 + EE] * * * …   Universalium

  • bailee — noun One who holds bailed property; one who takes possession of the property of another (called a bailor) in order to keep that property safe for the other …   Wiktionary

  • bailee — bail·ee || ‚beɪ liː n. one to whom property is bailed, trustee, guardian …   English contemporary dictionary

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”

We are using cookies for the best presentation of our site. Continuing to use this site, you agree with this.