Bailment

Bailment refers to the transfer of personal property by one party (the bailor) to another (the bailee) for safekeeping.  Because the bailee doesn’t own the property, they must take reasonable care of it. A bailment is a form of contractual arrangement that is wider than a lease. It is covered by a PPS lease for situations where the bailor is regularly engaged in bailment transactions, and where the bailee gives value for the bailment.