A 'bailment' is defined as a non-ownership transfer of possession. Under English common law, the right to possess a thing is separate and distinct from owning the thing. Interestingly, as a result of this distinction, in some jurisdictions,...
PROPERTY
bailor
A bailor is a person or party who delivers a bailment. A bailor entrusts personal goods or other property to a bailee until its restoration to the bailor. That entrustment is temporary, and the bailor only relinquishes possession of the good...
bankruptcy
Overview:
Bankruptcy law provides for the reduction or elimination of certain debts, and can provide a timeline for the repayment of nondischargeable debts over time. It also permits individuals and organizations to repay secured debt....
bankruptcy estate
A bankruptcy estate is the property of the debtor who filed bankruptcy. The estate includes all property in which the debtor has an interest, even if it is owned or held by another person - like obvious and tangible assets, or intangible...
beneficial owner
Beneficial owner is a person or entity who ultimately owns or controls an interest in a legal entity, such as a security, property, or interest in a trust.
In the Securities context, for example, individuals who are...
beneficiary
A beneficiary is an individual who receives benefits from a transaction via a contract (such as an insurance policy), a will, or trust.
Wills and Trusts:A beneficiary is an individual named in a will, revocable trust, or...
bequeath
To bequeath is to give personal property via a will, where the personal property owned by the decedent at the time of death is disposed of as a gift. Traditionally, bequeathing has been used to give personal property, while devising has been...
bequest
Bequest is a gift of personal property made through a will. Traditionally, bequests have been used for the giving of personal property, while devises have been used for the giving of real property. However, bequests can also refer to real...
Berne Convention
The Berne Convention for the Protection of Literary and Artistic Works is an international set of laws that protects copyrighted works from infringement across the member countries. The convention was created in Berne, Switzerland in 1886...
BFP
BFP is the abbreviation for Bona Fide Purchaser.
[Last updated in March of 2022 by the Wex Definitions Team]