A "bailment" is the delivery of goods by one person to another for some purpose, upon a contract that they shall, when the purpose is accomplished, be returned or otherwise disposed of according to the directions of the person delivering them.
The person delivering the goods is called the "bailor".
The person to whom they are delivered is called the "bailee".
Explanation. — If a person already in possession of the goods of another contracts to hold them as a bailee, he thereby becomes the bailee, and the owner becomes the bailor of such goods, although they may not have been delivered by way of bailment.
Legal Commentary & Landmark Judgments: Section 148
A bailment is the delivery of goods by one person to another for some purpose, upon a contract that they shall, when the purpose is accomplished, be returned or otherwise disposed of according to the directions of the person delivering them. In commercial commerce, bailment underpins warehousing, logistics, cargo transport, equipment leasing, vehicle hire, and pledge, separating possessory custody from legal ownership.
In modern bank locker operations, controversy long persisted over whether bank lockers constitute bailment. In Amitabha Dasgupta v. United Bank of India (2021) 12 SCC 606, the Supreme Court clarified that banks owe a duty of care as bailees in managing access and security to locker vaults.