The Collaborative International Dictionary of English v.0.48:

Bailee \Bail`ee"\ (b[=a]l`[=e]"), n. [OF. baill['e], p. p. of
   bailler. See Bail to deliver.] (Law)
   The person to whom goods are committed in trust, and who has
   a temporary possession and a qualified property in them, for
   the purposes of the trust. --Blackstone.
   [1913 Webster]

   Note: In penal statutes the word includes those who receive
         goods for another in good faith. --Wharton.
         [1913 Webster]

WordNet (r) 3.0 (2006):

bailee
    n 1: the agent to whom property involved in a bailment is
         delivered

Bouvier's Law Dictionary, Revised 6th Ed (1856):

BAILEE, contracts. One to whom goods are bailed.
     2. His duties are to act in good faith he is bound to use extraordinary
diligence in those contracts or bailments, where he alone receives the
benefit, as in loans; he must observe ordinary diligence of those bailments,
which are beneficial to both parties, as hiring; and he will be responsible
for gross negligence in those bailments which are only for the benefit of
the bailor, is deposit and mandate. Story's Bailm. Sec. 17, 18, 19. He is
bound to return the property as soon as the purpose for which it was bailed
shall have been accomplished.
     3. He has generally a right to retain and use the thing bailed,
according to the contract, until the object of the bailment shall have been
accomplished.
     4. A bailee with a mere naked authority, having a right to remuneration
for his trouble, but coupled with no other interest, may support trespass
for any injury, amounting to a trespass, done while he was in the actual
possession of the thing. 4 Bouv. Inst. n. 3608.