The Collaborative International Dictionary of English v.0.48:

Bailment \Bail"ment\, n.
   1. (Law) The action of bailing a person accused.
      [1913 Webster]

            Bailment . . . is the saving or delivery of a man
            out of prison before he hath satisfied the law.
                                                  --Dalton.
      [1913 Webster]

   2. (Law) A delivery of goods or money by one person to
      another in trust, for some special purpose, upon a
      contract, expressed or implied, that the trust shall be
      faithfully executed. --Blackstone.
      [1913 Webster]

   Note: In a general sense it is sometimes used as
         comprehending all duties in respect to property.
         --Story.
         [1913 Webster]

WordNet (r) 3.0 (2006):

bailment
    n 1: the delivery of personal property in trust by the bailor to
         the bailee