What is the difference between general ownership and possession in a bailment?
MultiRegion, United States of America
The following excerpt is from In re Miami Metals I, Inc., Case No. 18-13359 (shl) (Bankr. S.D.N.Y. 2019):
bifurcates ownership from possession; general ownership remains with the bailor while the bailee has lawful possession. See Cornelius v. Berinstein, 50 N.Y.S.2d 186, 188 (Sup. Ct. 1944) ("[I]t is a generally recognized feature of bailments that possession of the thing bailed is severed from ownership; the bailor retains the general ownership, while the bailee has the lawful possession or custody for the specific purpose of the bailment.").
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