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Bailment: Difference between revisions
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A special type of {{tag|security}} interest, most commonly articulated in the word of finance in the shape of a [[pledge]]. | A special type of {{tag|security}} interest, most commonly articulated in the word of finance in the shape of a [[pledge]]. A [[bailee]] has possession of but no [[legal title]] to the chattel, but this operates as good practical {{tag|security}}, because the [[bailee]] can demand the [[bailor]] pay its bill before giving the item back. | ||
This is why your mechanic has that smug look when you roll up in the Disco for your MOT. | |||
To be compared with a trust relationship, where the person holding the item has legal title to it, but not possession. | |||
{{seealso}} | {{seealso}} | ||
*[[Pledge]] | *[[Pledge]] | ||