Deposit in United States

Deposit Definition

A naked bailment of goods to be kept for the depositor without reward, and to be returned when he shall require it. Jones, Bailm. 36, 117; 9 Mass. 470. A bailment of goods to be kept by the bailee without reward, and delivered according to the object or purpose of the original trust. Story, Bailm. § 41. A contract by which one of the contracting parties gives a thing to another to keep, who is to do so gratuitously, and obliges himself to return it when he shall be requested. To constitute a deposit, there must be (1) an actual delivery of the property; (2) the object must be to keep the property for the owner; (3) the custody must be gratuitous; (4) the deposit must be with another than the owner; and (5) there must be a voluntary undertaking by the bailee. Story, Bailm. §§ 55-60. Deposits are divided in the civil law into necessary and voluntary.
(1) Necessary deposits are those made upon some sudden emergency, as of fire or shipwreck.
(2) Voluntary deposits are those made, in the absence of necessity, by contract of the parties. This distinction was unknown at common law. Deposits are again divided in the civil law into simple deposits and sequestrations.
(3) Simple deposits are those made by one or more persons having a common interest.
(4) Deposit!) by sequestration are by persons having different or adverse interests in the property. Sequestrations are (a) conventional, by act of the parties, or (b) judicial) by order of a court in a judicial proceeding. There are also certain contracts in the nature of deposits, and commonly regarded as such. Irregular deposits, where money is deposited to be returned not in specie, but by an equal sum. QiMsi deposits, where one comes lawfully into the possession of goods of another by finding. Story, Bailm. §§ 41-85. In modern usage, the term is most frequently used to denote the deposit of money in a banking institution. Deposits in bank are general if the money deposited becomes the property of the bank, and it undertakes to repay only an equal amount Special, if the particular funds are to be returned.

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Legal Issue for Attorneys

A naked bailment of goods to be kept for the depositor without reward, and to be returned when he shall require it. Jones, Bailm. 36, 117; 9 Mass. 470. A bailment of goods to be kept by the bailee without reward, and delivered according to the object or purpose of the original trust. Story, Bailm. § 41. A contract by which one of the contracting parties gives a thing to another to keep, who is to do so gratuitously, and obliges himself to return it when he shall be requested. To constitute a deposit, there must be (1) an actual delivery of the property; (2) the object must be to keep the property for the owner; (3) the custody must be gratuitous; (4) the deposit must be with another than the owner; and (5) there must be a voluntary undertaking by the bailee. Story, Bailm. §§ 55-60. Deposits are divided in the civil law into necessary and voluntary.
(1) Necessary deposits are those made upon some sudden emergency, as of fire or shipwreck.
(2) Voluntary deposits are those made, in the absence of necessity, by contract of the parties. This distinction was unknown at common law. Deposits are again divided in the civil law into simple deposits and sequestrations.
(3) Simple deposits are those made by one or more persons having a common interest.
(4) Deposit!) by sequestration are by persons having different or adverse interests in the property. Sequestrations are (a) conventional, by act of the parties, or (b) judicial) by order of a court in a judicial proceeding. There are also certain contracts in the nature of deposits, and commonly regarded as such. Irregular deposits, where money is deposited to be returned not in specie, but by an equal sum. QiMsi deposits, where one comes lawfully into the possession of goods of another by finding. Story, Bailm. §§ 41-85. In modern usage, the term is most frequently used to denote the deposit of money in a banking institution. Deposits in bank are general if the money deposited becomes the property of the bank, and it undertakes to repay only an equal amount Special, if the particular funds are to be returned.

This definition of Deposit Is based on the The Cyclopedic Law Dictionary . This entry needs to be proofread.

Vod in the context of Real Estate

Resurces

See Also

• Verification Of Deposit

Deposit (Formalities)

This section introduces, discusses and describes the basics of deposit. Then, cross references and a brief overview about Formalities is provided. Finally, the subject of Copyright Protection in relation with deposit is examined. Note that a list of cross references, bibliography and other resources appears at the end of this entry.