Definition - What does Bailee mean?
A bailee is a person that holds an item of value on behalf of another person in exchange for a benefit that is usually financial in nature. A common example of this is when a person puts their car in a parking garage and pays the attendant for the privilege of parking there; the parking attendant is the bailee who holds the car in exchange for a fee. The onus is on a bailee to ensure that proper care is taken of any item in bailment. There is also an onus of the person leaving the asset with the bailee to provide a financial benefit to the bailee.
Justipedia explains Bailee
The bailee is required to keep the asset being held in the same way that they would if it were their personal property. This is a reasonable and secure measures taken by the bailee which is the inducement to use the service. Although certain items held by a bank for a person could be considered in this regard (with the bank as the bailee), it is a common misconception that this applies to safety deposit boxes as well and since the user has to use their own key for the item to be moved there is no bailee condition.