Magnetization, magnetocaloric, calorimetric, neutron and X-ray diffraction and inelastic neutron scattering measurements are performed on single crystals of BaCdVO(PO4)2. The low-temperature crystal structure is found to be of a lower symmetry than previously assumed. The result is a more complicated model spin Hamiltonian, which we infer from measurements of the spin wave dispersion spectrum. The main finding is a novel spin state which emerges in high magnetic fields after antiferromagnetic order is terminated at Hc1 4.0 T. It is a distinct thermodynamic phase with a well-defined phase boundary at Hc2 6.5 T and is clearly separate from the fully saturated phase. Yet, it shows no conventional (dipolar) magnetic long range order. We argue that it is fully consistent with the expectations for a quantum bond-nematic state. * vvivek@phys.ethz.ch † zhelud@ethz.ch; http://www.neutron.ethz.ch/ arXiv:1908.01734v3 [cond-mat.str-el]