gratuitous deposit

gratuitous 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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Look at other dictionaries:

  • gratuitous 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

  • gratuitous — Given or granted without valuable or legal consideration. A term applied to deeds of conveyance and to bailments and other contracts. In old English law, voluntary; without force, fear, or favor. As to gratuitous bailment gratuitous contract… …   Black's law dictionary

  • gratuitous — Given or granted without valuable or legal consideration. A term applied to deeds of conveyance and to bailments and other contracts. In old English law, voluntary; without force, fear, or favor. As to gratuitous bailment gratuitous contract… …   Black's law dictionary

  • 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

  • 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

  • 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

  • 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… …   Black's law dictionary

  • 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… …   Black's law dictionary

  • 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

  • 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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