deposit

deposit
I
v.
To commit to custody, or to lay down; to place; to put; to let fall (as sediment). Jefferson County ex rel. Grauman v. Jefferson County Fiscal Court, 273 Ky. 674, 117 S.W.2d 918, 924.
To lodge for safe-keeping or as a pledge to intrust to the care of another. White v. Greenlee, 330 Mo. 135, 49 S.W.2d 132, 134
II
n.
A bailment of goods to be kept by the bailee without reward, and delivered according to the object or purpose of the original trust. In general, an act by which a person receives the property of another, binding himself to preserve it and return it in kind. The delivery of chattels by one person to another to keep for the use of the bailor. The giving of the possession of personal property by one person to another, with his consent, to keep for the use, benefit, and safekeeping of the first or of a third person.
Something intrusted to the care of another, either for a permanent or a temporary disposition. Money placed with a person as an earnest or security for the performance of some contract, to be forfeited if the depositor fails in his undertaking. It may be deemed to be part payment, and to that extent may constitute the purchaser the actual owner of the estate. The act of placing money in the custody of a bank or banker, for safety or convenience, to be withdrawn at the will of the depositor or under rules and regulations agreed on.
Also, the money so deposited, or the credit which the depositor receives for it. Deposit, according to its commonly accepted and generally understood meaning among bankers and by the public, includes not only deposits payable on demand and subject to check, but deposits not subject to check, for which certificates, whether interest-bearing or not, may be issued, payable on demand, or on certain notice, or at a fixed future time. A quantity of ore or other mineral substances occurring naturally in the earth; as, a deposit of gold, oil, etc.
General Classification
According to the classification of the civil law, deposits are of the following several sorts:
(1) Necessary, made upon some sudden emergency, and from some pressing necessity; as, for instance, in case of a fire, a shipwreck, or other overwhelming calamity, when property is confided to any person whom the depositor may meet without proper opportunity for reflection or choice, and thence it is called "miserabile depositum."
(2) Voluntary, which arises from the mere consent and agreement of the parties. The common law has made no such division. The civilians again divide deposits into "simple deposits," made by one or more persons having a common interest, and "sequestrations," made by one or more persons, each of whom has a different and adverse interest in controversy touching it; and these last are of two sorts,-"conventional," or such as are made by the mere agreement of the parties without any judicial act; and "judicial," or such as are made by order of a court in the course of some proceeding. Thus, under Louisiana statutes, it is said that the difference between "sequestration" and "deposit" is that the former may have for its object both movable and immovable property, while the latter is confined to movables.
(3) There is another class of deposits called "involuntary," which may be without the assent or even knowledge of the depositor; as lumber, etc., left upon another's land by the subsidence of a flood. An "involuntary" deposit is one made by the accidental leaving or placing of personal property in the possession of any person without negligence on the part of the owner. Another class of deposits is called "irregular," as when a person, having a sum of money which he does not think safe in his own hands, confides it to another, who is to return to him, not the same money, but a like sum when he shall demand it. A regular deposit is a strict or special deposit; a deposit which must be returned in specie; i.e., the thing deposited must be returned.
A quasi deposit is a kind of implied or involuntary deposit, which takes place where a party comes lawfully to the possession of another person's property, by finding it. Particularly with reference to money, deposits are also classed as general or special.
A general deposit is where the money deposited is not itself to be returned, but an equivalent in money (that is, a like sum) is to be returned. It is equivalent to a loan, and the money deposited becomes the property of the depositary.
A special deposit is a deposit in which the identical thing deposited is to be returned to the depositor. The particular object of this kind of deposit is safekeeping. In banking law, this kind of deposit is contrasted with a "general" deposit, as above; but in the civil law it is the antithesis of an "irregular" deposit.
A gratuitous or naked deposit is a bailment of goods to be kept for the depositor without hire or reward on either side, or one for which the depositary receives no consideration beyond the mere possession of the thing deposited.
Properly and originally, all deposits are of this description; for according to the Roman law, a bailment of goods for which hire or a price is to be paid, is not called "depositum" but "locatio." If the owner of the property pays for its custody or care, it is a "locatio custodiae;" if, on the other hand, the bailee pays for the use of it, it is "locatio rei." (See locatio.)
But in the modern law, a gratuitous or naked deposit is distinguished from a "deposit for hire," in which the bailee is to be paid for his services in keeping the article.
There is also a specific deposit, which exists where money or property is given to a bank for some specific and particular purpose, as a note for collection, money to pay a particular note, or property for some other specific purpose.
See also certificate of deposit
For bank deposit, see bank

Black's law dictionary. . 1990.

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  • deposit — de·pos·it 1 /di pä zət/ vt 1: to place for safekeeping or as security may deposit the property with the court; esp: to put in a bank account 2 in the civil law of Louisiana: to place (movable property) under a deposit the depository can not make… …   Law dictionary

  • Deposit — may refer to: Deposit (town), New York Deposit (village), New York Deposit account, a bank account that allows money to be deposited and withdrawn by the account holder Demand deposit, the funds held in demand deposit accounts in commercial banks …   Wikipedia

  • Deposit — De*pos it, n. [L. depositum, fr. depositus, p. p. of deponere: cf. F. d[ e]p[^o]t, OF. depost. See {Deposit}, v. t., and cf. {Depot}.] 1. That which is deposited, or laid or thrown down; as, a deposit in a flue; especially, matter precipitated… …   The Collaborative International Dictionary of English

  • deposit — n Deposit, precipitate, sediment, dregs, lees, grounds mean matter which settles to the bottom of or is let fall from suspension in a fluid (as air or water). Deposit, the most comprehensive term, refers to matter let fall by a natural or… …   New Dictionary of Synonyms

  • déposit — ● déposit nom masculin (anglais deposit, dépôt) En Bourse, synonyme de couverture. ● déposit (synonymes) nom masculin (anglais deposit, dépôt) Synonymes : couverture …   Encyclopédie Universelle

  • deposit — ► NOUN 1) a sum of money placed in a bank or other account. 2) a sum payable as a first instalment or as a pledge. 3) a returnable sum paid to cover possible loss or damage. 4) a layer or body of accumulated matter. 5) the action or an act of… …   English terms dictionary

  • Deposit — De*pos it, v. t. [imp. & p. p. {Deposited}; p. pr. & vb. n. {Depositing}.] [L. depositus, p. p. of deponere. See {Depone}, and cf. {Deposit}, n.] 1. To lay down; to place; to put; to let fall or throw down (as sediment); as, a crocodile deposits… …   The Collaborative International Dictionary of English

  • Deposit — Deposit, NY U.S. village in New York Population (2000): 1699 Housing Units (2000): 823 Land area (2000): 1.257708 sq. miles (3.257448 sq. km) Water area (2000): 0.059620 sq. miles (0.154416 sq. km) Total area (2000): 1.317328 sq. miles (3.411864… …   StarDict's U.S. Gazetteer Places

  • Deposit, NY — U.S. village in New York Population (2000): 1699 Housing Units (2000): 823 Land area (2000): 1.257708 sq. miles (3.257448 sq. km) Water area (2000): 0.059620 sq. miles (0.154416 sq. km) Total area (2000): 1.317328 sq. miles (3.411864 sq. km) FIPS …   StarDict's U.S. Gazetteer Places

  • deposit — [n1] down payment; money saved drop, installment, money in the bank, partial payment, pledge, retainer, security, stake, warranty; concepts 340,344 Ant. debit, withdrawal deposit [n2] accumulation of solid alluvium, delta, deposition, dregs,… …   New thesaurus

  • deposit — [dē päz′it, dipäz′it] vt. [< L depositus, pp. of deponere, to put down < de , down + ponere, to put: see POSITION] 1. to place or entrust for safekeeping 2. to put (money) in a bank, as for safekeeping or to earn interest 3. to put down as… …   English World dictionary

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