Thursday, December 14

Legal Definition of Deposit

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Legal Definition of Deposit

By

S J Tubrazy

The terms “deposit” and depository have been defined in Corpus Juris Secundum. Volume 26A, at page 198 as under:–

The term “deposit” is borrowed from the civil law, and is a word of large and varied signification. In the technical legal sense a deposit is a naked bailment of goods, to be kept for the depositor without reward, and to be returned when he shall require it; and the term “depositum” a term used in the civil and common law, is given the same meaning. The term “deposit” is also used to denote the thing deposited.

A depository is the person receiving a deposit; and the term “special depository” has been held to mean merely a bailee whose possession is the possession of his principal

And at page 206 following is stated regarding the rights and duties of a depository:

A depository is bound to deliver the res to the depositor or his representative, or to his order except where, as stated infra, delivery to a third person is authorized. Any delivery made pursuant to the terms, of the deposit relieves the depository from further liability; but a mis delivery of the res or its increase renders the depository liable therefore, unless he has a sufficient excuse for his failure to deliver properly.

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