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X holds Y's goods, then agrees to hold them as bailee. Result?

ANo bailment without delivery
BThe agreement is void
CX becomes the owner
DX is bailee, Y is bailor
Answer & Solution
Correct answer: D. X is bailee, Y is bailor
The Explanation to Section 148 treats a person already in possession who contracts to hold as bailee as a bailee, even without a fresh delivery.
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