0
'Trust' implies whereby one person holds the personal or proprietary rights on behalf of another.
'Bailment' is only the transfer of possession of a personal property to another for a limited purpose (http://www.legalgist.com/meant-bailment).
In Trust you transfer the rights of an owner (limited or extensive they may be) to the Trustee for the benefit of the Beneficiary. Whereas in Bailment you only transfer the 'possession' of the property for some purpose e.g. to keep it safe while you're abroad.
If a Bailee breaches his duty and sells your property to an innocent third party then you can recover the amount of the property from innocent third party under Tort of Conversion. However, if Trustee breaches his duty and sells the property to an innocent third party then you cannot recover it from the innocent third party, only the Trustee has to make good the loss you suffered.
Still curious? Ask our experts.
Chat with our AI personalities
Coach
Maxine
LaoTrust involves giving control or ownership of property to another person (the trustee) who is expected to manage it for the benefit of another (the beneficiary), while bailment involves giving possession of property to another person (the bailee) for a specific purpose, with the expectation that the property will be returned in the same condition. Trusts are typically long-term arrangements with legal implications, while bailments are usually for a specific, temporary purpose. Trusts involve a fiduciary duty, while bailments involve a duty of care.
Add your answer:
Earn +20 pts
How many sources of laws explain in detail?
There are generally four main sources of law that contribute to legal systems around the world: legislation (laws passed by legislative bodies), common law (created by judges through court decisions), constitutional law (laws outlined in a country's constitution), and international law (agreements between countries). Each of these sources plays a role in shaping and defining the legal framework within a society.
What is the difference between a policy and a procedure?
A policy is a set of principles or rules established by an organization to guide decision-making and behavior. A procedure, on the other hand, is a series of steps or actions to be followed in a specific order to achieve a particular outcome. In simple terms, policies outline what should be done, while procedures detail how it should be done.
What is the difference between a rule a regulation and a procedure?
A rule is a general principle or guideline to follow, a regulation is a specific requirement or restriction imposed by an authority, and a procedure is a set of steps or actions to be followed in a particular situation or process. Rules provide the framework, regulations enforce compliance, and procedures detail how to achieve compliance.
Which sentence contains a supporting detail that answers the question What does the interstate connect?
The sentence "The interstate connects major cities in the region" contains a supporting detail that answers the question of what the interstate connects.
What are the difference between French civil code and the German civil code?
The French Civil Code, also known as the Napoleonic Code, is based on Roman law and emphasizes clarity and accessibility. In contrast, the German Civil Code (Bürgerliches Gesetzbuch or BGB) is influenced by German legal tradition and focuses on thoroughness and detail. Additionally, the French Civil Code places more emphasis on individual rights, while the German Civil Code emphasizes the protection of the family unit.
