Deposit Bailment - Law Dictionary Search Results

Home Dictionary Name: deposit bailment

Deposit (Bailment)

Deposit (Bailment), Bailment by deposit may be defined as a bailment of a chattel, to be kept for the bailor gratuitously and returned upon demand, Halsbury's Laws of England (2), para 1806, p. 835....

deposit

deposit 1 : to place for safekeeping or as security [may the property with the court] ;esp : to put in a bank account 2 in the civil law of Louisiana : to place (movable property) under a deposit [the depository can not make use of the thing ed "Louisiana Civil Code"] de·pos·i·tor [di-pÄ -zə-tər] n n 1 : the state of being deposited (as in an account) [holding the property on ] compare escrow, trust 2 : something placed for safekeeping: as a : money deposited in a bank esp. to one's credit demand deposit : a bank deposit that can be withdrawn without prior notice general deposit : a deposit of money in a bank that is to the credit of the depositor thereby giving the depositor the right to money and creating a debtor-creditor relationship special deposit : a deposit that is made for a specific purpose, that is to be returned to the depositor, and that creates a bailment or trust time deposit : a bank deposit that can be withdrawn only after a...

bailment

bailment [Anglo-French bayllment, from bailler to hand over see bail ] : the transfer of possession but not ownership of personal property (as goods) for a limited time or specified purpose (as transportation) such that the individual or business entity taking possession is liable to some extent for loss or damage to the property compare deposit loan for consumption and loan for use at loan NOTE: The typical elements of a bailment are delivery of the personal property, acceptance of the delivery, and possession or control of the property. Any of these elements may be actual or constructive. Bailments may be created by contracts, either express or implied, which require agreement, and the agreement may also be express or implied. Contracts for the lease of a car, for sale of goods on consignment, and for the transport of goods are examples of bailments. bailment for hire : a bailment that either benefits both parties or only the bailee ;esp : one in which the bailee receives comp...

Bailment by deposit

Bailment by deposit, is a bailment of a chattel, to be kept for the bailor gratuitously, and returned upon demand, Halsbury's Laws of England, Vol. 2, 4th Edn., Para 1806, p. 835....

Deposit

Deposit, money paid to a person as an earnest or security for the performance of some contract, especially a contract for the sale of real estate. Also a naked bailment of goods to be kept for the bailor without recompense, and to be returned when the bailor shall require it. The appellation and the definition are both derived from the civil law. Depositum est quod custodiendum alicui datum est. It is, in the civil law, divisible into two kinds: (1) necessary, made upon some sudden emergency, and from some pressing necessity; as, for instance, in case of a fire, a shipwreck, or other overwhelming calamity, when property is confided to any person whom the depositor may meet without proper opportunity for reflection or choice, and thence it is called miserabile depositum; (2) voluntary, which arises from the mere consent and agreement of the parties. the Common Law has made no such division. There is another class of deposits, called involuntary, which may be without the assent or even k...

Bailment

Bailment [fr. bailler, Fr., to deliver], a compendious expression to signify a contract resulting from delivery; perhaps best defined as a 'delivery of a thing in trust for some special object or person, and upon a contract express or implied, to conform to the object or purpose of the trust.'In the celebrated case of Coggs v. Bernard, (1704) Ld Raym 909; 1 Sm L C, Lord Holt divided bailments thus:-(1) Depositum, or a naked bailment of goods, to be kept for the use of the bailor.A restaurant keeper has been held liable for loss of an overcoat entrusted by a customer to a waiter, Ultzen v. Nicols, (1894) 1 QB 92; Orchard v. Bush & Co., (1898) 2 QB 284.(2) Commodatum. Where goods or chattels that are useful are lent to the bailee gratis, to be used by him. See Coughlin v. Gillison, (1899) 1 QB 145.(3) Locatio rei. Where goods are lent to the bailee to be used by him for hire.(4) Vadium. Pawn or pledge.(5) Locatio operis faciendi. Where goods are delivered to be carried, or something is t...

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Deposit Bailment - Law Dictionary Search Results