Bailee


Definition of "Bailee"

Joe  Sibilia
  Coldwell Banker Residential Brokerage - North Potomac / Rockville

Individual who has temporary rightful possession of another's property. The bailee often furnishes a receipt in exchange for the bailor's property. For example, a dry cleaner has temporary custody of a suit to be cleaned and must exercise proper care to safeguard it against physical loss. If the property is damaged, the bailee's insurance policy often becomes the primary coverage and must indemnify the loss.



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