I used this term frequently when describing the vargar (castle) at Kyrenton in Duty: a novel of Rhynan. That vargar (castle) had an inner and outer bailey.
The word's meaning hasn't changed much over the years. However, it has become a surname and decently popular first name for both genders (http://www.babynames.com/name/Bailey). Though there its meaning is sited as "Bailiff, Steward."
What do you think of the word as a name?
Does it sound like a girl name or a boy name?