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bailee (custodian)

n. a person with whom some article is left, usually pursuant to a contract (called a "contract of bailment"), who is responsible for the safe return of the article to the owner when the contract is fulfilled. These can include banks holding bonds, storage companies where furniture or files are deposited, a parking garage, or a kennel or horse ranch where an animal is boarded. Leaving goods in a sealed rented box like a safe deposit box, is not a bailment, and the holder is not a bailee since he cannot handle or control the goods. (See: bailment, bailor)

Copyright © 1981-2005 by Gerald N. Hill and Kathleen T. Hill. All Right reserved.
References in periodicals archive ?
On Tuesday, June 19 Custodian Investment Plc traded flat at N5.27, up by 4.9 per cent from June 12 when Abraaj filed for liquidation.
Custodian REIT is a UK real estate investment trust whose portfolio comprises properties predominantly let to institutional grade tenants on long leases throughout the UK and is characterised by properties with individual property values of less than GBP 10m at acquisition.
The client authorizes the advisor in writing, either on the qualified custodian's form or separately, to direct transfers to the third party either on a specified schedule or from time to time.
Commenting on the disposal, Richard Shepherd-Cross, managing director of Custodian Capital Ltd.
* While the third-party custodian is a regulated trust company approved by the IRS, its sole obligation is to track and report to the IRS the contributions to and distributions from the account in order to maintain the tax-deferred status of the IRA or qualified plan.
* The number of end clients served by fee-based financial advisor custodians will increase to 3.2 million in 2016, up over 50 percent from 2011;
He left his position a few days before the end of the 2010 season and Mrs Hall acted as temporary custodian then.
The Central Government is authorized to direct the Custodian to sell or dispose of enemy properties in such manner as may be prescribed.
The PHIPAA gives individuals the right, upon request, to examine or receive a copy of his or her personal health information maintained by a custodian (subject to exceptions) and sets out the process for addressing personal health information requests in a timely manner.
Top secret COMSEC accounts will require four Soldiers with a top secret clearance; one to be the primary COMSEC custodian and the other to be the assistant COMSEC custodian.
It is impermissible for an IRA custodian (versus a self-directed IRA advisor, or other financial "advisor") to offer advice.