- CONSTRUCTIVE BAILMENT
- one that arises when the person having possession holds it under such circumstances that the law imposes an obligation to deliver to another(even where such person did not come into possession voluntarily) and where therefore no bailment was voluntarily established.
- GRATUITOUS BAILMENT
- one that results when care and custody of the bailor’s property is accepted by the bailee without charge and without any consideration or expectation of benefit. In a gratuitous bailment, the bailee is liable to the bailor for the loss of bailed property only if the loss is caused by bailee’s gross negligence.
- INVOLUNTARY BAILMENT
- one that arises when the owner accidentally and without negligence leaves personal property in the possession of any person. An involuntary bailment arises if an umbrella is left with the coat check at a restaurant.
- Froogled By:
- Elias Makere, FSA, MAAA
- Last Froogled:
BAILMENT
Feel free to use it throughout your financial/insurance life.
Sincerely,
www.FroogleMe.com