Regarding bailments,which of the following is TRUE?
A)Articles held under bailment form assets available to creditors in bankruptcy.
B)Bailments are not confined to personal property.
C)Trusts are bailments because there is a transfer of property.
D)Chequing accounts at the bank are a form of bailment.
E)Contents in a safety deposit box are a form of bailment.

Question

Quizplus · Accepted Answer

Contents in a safety deposit box are a form of bailment. A bailment is a legal relationship in which one party (the bailor) temporarily gives possession and control of property to another party (the bailee) for a specific purpose, with the understanding that the property will be returned or disposed of in a particular way at a later time. Safety deposit boxes held at a bank are a common example of bailment, where customers entrust valuable items for safekeeping in a secure location.

Regarding Bailments,which of the Following Is TRUE