What is the term for the transfer of possession of personal property?

The term for the transfer of possession of personal property is bailment. This legal concept refers to a situation in which one party, the bailor, temporarily transfers possession of personal property to another party, the bailee, for a specific purpose, with the understanding that the property will be returned to the bailor after that purpose has been fulfilled.

Bailment can occur without a transfer of ownership, meaning the bailee does not have the right to use the property for their own benefit unless permitted by the bailor. Common examples of bailment include leaving your car with a valet or handing over clothing to a dry cleaner.

In contrast, a contract is a broader agreement that may include the transfer of possession, but it does not specifically pertain to personal property alone. A sale involves transferring ownership of property from one party to another in exchange for payment, while a gift involves the voluntary transfer of property without any exchange of consideration. Thus, bailment is the most precise term to describe the situation of temporarily transferring possession without transferring ownership.