From MIL-STD-109C (Quality Assurance Terms and Definitions):
3.13 Bailed property. Refers to equipment provided to the contractor by the Government for a special purpose and not for incorporation into deliverable products, e.g., machine tools and production equipment.
Howste provided the definitive contextual definition, but in general, "bailed property" is any property that belongs to one person but is in the possession of another. Borrowed cars, rented apartments and customer-owned items such as tooling are all bailed properties.
Have a look here. The terms are related and stem from an original English (traceable to Old French) meaning of captivity or custody (of a person or thing).
In a way. Making bail involves putting up something of value to assure the person will return later for formal adjudication of a charge which would otherwise result in a fine or imprisonment. Without bail to assure the pledge of return, the alternate is for the person to remain in custody until the matter can be resolved in a court of competent jurisdiction.
Bail can be actual cash or a pledge of property. (Giving up one's driver's license when ticketed for speeding is a form of bail.)
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