gratuitous or naked deposit

gratuitous or naked 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

Black's law dictionary. . 1990.

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  • gratuitous or naked 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… …   Black's law dictionary

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