As we saw in Chapter 7, the essenti

As we saw in Chapter 7, the essential similarity between leases and bailments is that,
in both cases, possession becomes vested in a non-owner for a limited period. If the
thing in question is land, the interest created is a lease, and if it is a chattel the interest
created is a bailment. However, as we see in this chapter, the differences between
leases and bailments are much greater than the similarities. Although the common
law originally considered each to be part of the law of personal property, they have
very different historical roots and have developed along separate lines so that, even
now, there is almost no resemblance between the two legal institutions. This causes
some difficulty in our legal system. A lease of land is a sophisticated but somewhat
inflexible institution, not easily adjustable to meet changing social and commercial
expectations (see, for example, Prudential Assurance v. London Residuary Body [1992]
2 AC 386, discussed below), and this can limit its usefulness. On the other hand, it is a
clearly defined property interest which is relatively easy to protect and enforce against
third parties, and it would be very useful if a similar interest could be created in
goods, particularly commercially tradable ones like aircraft, works of art or computer
equipment. However, although bailments of such goods are often called leases, they
remain in law bailments, and it is very doubtful whether even the most careful
drafting can give a bailee of goods the same rights and protection as a lessee of land.