Custody: The possession of personal property so that the owner has control of it only for the purpose of inspecting, preserving or securing the property. Note that if the property is damaged through no fault of the depositor, the depositor will never be held liable for damages unless the parties have agreed otherwise at the time of issuance of the deposit. Possession: The possession of personal property so that the owner has the power to exercise complete dominion and control over the property. Depending on LegalMatch.com, there are three different types of bail: Bailment for Hire: A bail relationship in which both parties benefit. To form a deposit, the depositor must accept possession of the property. It is not enough for the bailee to accept the mere custody of the property. The difference between custody and possession is that an owner has full control over the property, while a custodian only has the duty of care or supervision of the property. For example: the differences between the elements of the formation of a deposit and the elements of the formation of a gift between living things are that when forming a deposit: 1) The intention must be to hand over the possession of the property, not the title; and (2) The acceptance of the guarantor is not presumed, as is the case for a gift among living persons. If a bailiff gives property to a guarantor but does not communicate the real value of the property to the guarantor, a deposit is created and the guarantor assumes the risk of taking care of the article, even if the guarantor did not know the real value of the article. However, if the guarantor knew nothing and had no reason to know the existence of a particular part of the property entrusted to him, he is not obliged to take care of the part of which he knew nothing.
For example, in finance, a bailiff may appoint a bailiff to supervise an investment portfolio until the judicial officer can or wants to take over the tasks of portfolio management. Other forms of deposit include holding guarantees against a secured loan, storage and self-storage, and shipping goods. Bail: A bail officer who supervises bail property without compensation and receives no benefit from the bail relationship. Regardless of who is on bail and what standard of care the surety person must apply, all bailee is strictly responsible when it comes to returning the property to the true owner. Therefore, if the bailee delivers the property incorrectly, he will be held liable even if he takes better than reasonable precautions. For example: The deposit occurs when the property is handed over to someone for custody, and is a legal procedure regardless of contract or tort. To create a deposit, the bailee must both intend to possess the bondable item and physically possess it. The terms of a deposit and, as such, the creation of the bailor-bailee relationship are very similar to the requirements of an inter vivos gift. That is, the bailiff must intend to hand over the property to the guarantor, there must be a delivery and there must be an acceptance. A deposit is the lawful possession of property by someone who is not the owner of the property.
The owner is the bailiff. The person in possession is the bailiff. For example: In finance, the deposit applies to the legal transfer of securities, such as shares. B, from one owner to another for short selling purposes. Here, the short seller borrows shares on margin to sell them – but the short seller does not own these borrowed shares. Whether or not a deposit has been created is important because once a deposit has been established, a duty of care is associated with the applicant. Failure to comply with this duty of care may result in the liability of the obligated party for damages resulting from the debtor`s failure to properly care for the goods. However, if there is no deposit (only a deposit agreement), the depositary has no affirmative obligation to protect the property. Common law suretyship describes the contractual transfer of assets or property from a lessor who temporarily renounces ownership, but not a bailee. The deposit describes a legal relationship in which physical possession of personal or movable property is transferred from one person to another person who is subsequently in possession of the property, but not in full.
In the case of a deposit, the bailiff generally does not have the right to use the property as long as it is in the possession of the bailiff. This distinguishes the deposit from the rental, where the property stays with the owner, but the tenant is allowed to use the property. Leaving your car valet parking is a common form of deposit, while parking in an unattended garage is a rental agreement or license for a parking space, as the garage cannot show the intention to own the car. A rented apartment is another example where a tenant owns and uses his apartment but does not own it. The standard of care due by the applicant depends on who benefits from the deposit relationship. If the judicial officer is the only beneficiary of the lease (that is to say, he supervises the object without compensation), the judicial officer is considered a “free judicial officer”. In such a scenario, the officer`s duty of care is the lowest. The depositor is only liable if the property is damaged by “gross negligence”. While a typical bail agreement is consensual between the two parties, there are situations where a person may involuntarily become a bail officer. Typically, involuntary (or “constructive”) surety bonds are people who have found lost property and hold it until the rightful owner can be found.
Whether the deposit relationship benefits both parties (e.g. B if a person rents a car from a car rental company), the term of the relationship is “deposit for rent”. In such a case, the depositor is liable if the deposit is damaged by his “ordinary negligence”. Deposit: The delivery of possession of personal property for specific purposes other than the intention to transfer the goods to the recipient. Finally, if the bailiff is the sole beneficiary of the relationship (i.e. the bailee borrows the property and does not pay for its use), then the bailee is liable even if its “slight negligence” causes damage to the property. .