Who is the person in possession of bailed property?

The correct answer is that the person in possession of bailed property is referred to as the bailee. In the context of bailment, a bailor is the owner of the property who temporarily transfers possession of it to another party, known as the bailee. The bailee has the responsibility to care for and preserve the property while it is in their possession, as per the terms agreed upon in the bailment. This legal relationship involves a mutual understanding where the bailee provides a service and is expected to return the property in its original or agreed-upon condition after use.

In contrast, the bailor, who owns the property, may retain certain rights over it, but does not possess it during the bailment. A consignee refers to the individual who receives goods from a consignor for sale, while a beneficiary is typically a person who gains from a legal arrangement or will, neither of which pertains to the concept of bailment. Thus, the bailee is distinctly identified as the person who has physical custody of the bailed property, encapsulating the responsibilities and liabilities involved in handling that property.