Bailor is the word which is used in the context of transfer of goods or property. A bailor means a person who transfers his or her goods or property to other person but the possession of those goods remains with bailor only, in other words ownership remains with him or her only. These sorts of transactions are called bailment.
Bailee is a person to whom goods are transferred by bailor and bailee is expected to safeguard the goods or property till the time such goods are with him or her. A bailee cannot use the asset for his or her own benefit he or she can only keep them until the completion of stipulated time and after that bailee will return the assets to bailor.