16:45
@bigfatsloth: an early welcome to north carolina :3 i will NOT be joining you in the forest unfortunately
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LSDefine
Simple English definitions for legal terms
naked bailment
Read a random definition: asset purchase
A quick definition of naked bailment:
A bailment is when one person gives their personal property to another person to hold onto for a certain purpose. This is not the same as selling or giving away the property, because the ownership doesn't change. There are different types of bailments, like when someone pays to have their car parked or when someone borrows a friend's car for free. The person holding onto the property is called the bailee and they have to keep the property safe and return it to the owner. Sometimes, a bailment happens without an agreement, like when someone accidentally leaves something with someone else. If the bailee doesn't return the property, they can be in trouble.
A more thorough explanation:
Naked bailment is a type of bailment where the bailee (the person who receives the property) does not receive any compensation for holding the property. It is also known as a gratuitous bailment. In a bailment, the bailor (the person who delivers the property) transfers possession of personal property to the bailee for a specific purpose under an express or implied-in-fact contract.
For example, if you lend your friend your bike for a day, it is a naked bailment because your friend is not paying you to use the bike. Another example is when you leave your car with a friend while you are out of town. Your friend is holding your car for you, but they are not receiving any compensation for doing so.
In a naked bailment, the bailee is only responsible for the property if they are grossly negligent. This means that if the property is lost or damaged, the bailee is not liable unless they were extremely careless.