Regarding bailments,which of the following is true?
A)Articles held under bailment form assets available to creditors in bankruptcy.
B)Bailments are not confined to personal property.
C)Trusts are bailments because there is a transfer of property.
D)Chequing accounts at the bank are a form of bailment.
E)Contents in a safety deposit box are a form of bailment.

Question

Quizplus · Accepted Answer

Contents in a safety deposit box are a form of bailment as the customer places their belongings in the custody of the bank, which has a duty of care to ensure their safekeeping. The other options are incorrect as bailments are generally confined to personal property, trusts involve a transfer of property, chequing accounts do not involve physical property, and assets available to creditors in bankruptcy would only include property owned by the debtor, not property held under bailment.

Regarding Bailments,which of the Following Is True