The leaseee, which was forced to return the goods before the derailment period expired, is not only the rental and storage of goods in a bank box. The goods are not entrusted to the bank under any circumstances. It cannot be assumed that a bank knows at all times what goods are stored in a particular locker. If a bank is effectively and exclusively in possession of the property in a locker donated by the person who rented the locker, only then can it derail under Section 148. The Bailor may provide further instructions for the disposal or return of the goods on bail. In the case of such an agreement or instruction, the leaseee must proceed with the immediate disposal of the goods after the end of the object, in accordance with the instructions. Bailing contracts are a particular category of contracts. These are within Cape IX of S.148 to 181 of the Indian Contract Act, 1872. Bailment implies that one type of person temporarily enters the possession of another. There are many circumstances in which this happens. Delivery of a cycle, watch or other repair item, delivery of gold to a goldsmith for the manufacture of ornaments, delivery of clothing to a dry cleaner, delivery of goods for transportation, etc., are familiar situations that create the “lease” relationship.
2) Definition:- a) Leasement:- Section 148 defines “leasement” as “the delivery of goods by one person to another person for specific purposes, under a contract which, if the objective is achieved, is returned or otherwise disposed of according to the instructions of the person providing them.” b) Bailor:- The person delivering the goods is called Bailor. c) Bailee:- The person to whom they (goods) are delivered is Bailee. 3) Bailor Bonds:- In accordance with Section 150, which deals with Bailor`s bonds. Bailor are of two species viz; 1) Free Bailor 2) Bailor as a reward 1) Gratuitous Bailor:- A person who lends his items or goods at no cost is called Bailor Gratuitous. Its duty is of course much less than that of a bailor for rent or in return. Obligation of Gratuitous Bailor:- a) Disclosure of known errors:- It is the first and most important duty of the Bailor to disclose known errors about the bailee merchandise.