Is “Bailment” a Scrabble word?

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Yes
BAILMENT
Valid in at least one Scrabble dictionary

Valid in these dictionaries

SOWPODS / CSW
Scrabble UK & International
Valid
TWL / NWL
Scrabble North America
Valid
Large English Dictionary
General English word list
Valid

Meaning of Bailment

noun
  1. 1.Bail.

  2. 2.The handing over of control over, or possession of, personal property by one person, the bailor, to another, the bailee, for a specific purpose upon which the parties have agreed.