Indian Contract Act, 1872
148. "Bailment",
"bailor" and "bailee" defineds
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 contract 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.