Which term refers to the owner of the personal property in a bailment?

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Study for the Chartered Property Casualty Underwriter 530 Exam with flashcards and multiple choice questions. Each question has hints and explanations to enhance your understanding and prepare you thoroughly.

Multiple Choice

Which term refers to the owner of the personal property in a bailment?

Explanation:
In a bailment, the owner who delivers personal property to another for a specific purpose is the bailor. The bailor remains the rightful owner and has the right to expect the property be returned or handled with due care. The person who receives and holds the property is the bailee, who has a duty to protect it and return it as agreed. The terms consignor and consignee are used in shipping arrangements and describe who sends and who receives goods, not the ownership relationship in a bailment.

In a bailment, the owner who delivers personal property to another for a specific purpose is the bailor. The bailor remains the rightful owner and has the right to expect the property be returned or handled with due care. The person who receives and holds the property is the bailee, who has a duty to protect it and return it as agreed. The terms consignor and consignee are used in shipping arrangements and describe who sends and who receives goods, not the ownership relationship in a bailment.

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