Legal Definition and Related Resources of Deposit

In contracts for sale, particularly the sale of land, it is that part of the purchase price prepaid by way of security when the contract is entered into. If the contract is completed, then the deposit is applied against the purchase money . But its primary purpose is that it is a security for the completion of the contract. A guarantee that the purchaser means business . See Ellis v Roberts, 98 Pa. Super. 49. Also, Summers v Hedenberg, 198 III. App. 460. Also used to denote a naked bailment of goods to be kept for the bailor without recompense and to be returned when the bailor shall require it. See Payne v Gardiner, 29 N. Y. 146. In banking terms, the word denotes the entry to the credit of the customer made by the bank when the customer pays money into his account in the usual way of business. See Gimbel Bros, v White, 10 N. Y. S.2d 666, 256 App. Div. 439. In mining , the term denotes ore or mineral substances occurring naturally in the earth.

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.

(Place), verb

• deponere
• dump
• install
• lay
• locate
• lodge
• place in a receptacle
• plant
• put
• quarter
• reposit
• rest
• set
• settle
• situate
• stash
• store
• stow

(Submit to a bank), verb

• bank
• commit
• enter into an account
• entrust
• invest
• keep an account
• lay by
• present money for safekeeping
• put at interest
• save Associated Concepts: interpleader
• stake

noun

• accumulation
• collateral
• collateral security
• depositum
• down payment
• earnest pledge
• forfeit
• gage
• guarantee
• installment
• money in bank
• part payment
• pawn
• payment
• pledge
• retainer
• security
• stake
• surety Associated Concepts: binder
• certificate of deposit
• earnest money
• escrow
• interpleader
• savings deposit
• security deposit
• time deposit

Browse or run a search for Deposit in the American Encyclopedia of Law, the Asian Encyclopedia of Law, the European Encyclopedia of Law, the UK Encyclopedia of Law or the Latin American and Spanish Encyclopedia of Law.

Deposit in Historical Law

You might be interested in the historical meaning of this term. Browse or search for Deposit in Historical Law in the Encyclopedia of Law.

Search for legal acronyms and/or abbreviations containing Deposit in the Legal Abbreviations and Acronyms Dictionary.

You might be also interested in these legal terms:

Mentioned in these terms

, Certificate Of Deposit, Depository, Depot, Development, Dying Without Issue, F.D.I.C., Gaming, Margin, , Overdraft, Pre-emptive, Special Deposit, Special Indorsement, Stake, Totten Trust.

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Notice

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

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Deposit in Law Enforcement

Main Entry: Law Enforcement in the Legal Dictionary. This section provides, in the context of Law Enforcement, a partial definition of deposit.

Resources

See Also

• Law Enforcement Officer
• Policeman
• Law Enforcement Agency

Further Reading

• deposit in A Dictionary of Law Enforcement (Oxford University Press)
• deposit in the Encyclopedia of Law Enforcement
• A Treatise on the Police of the Metropolis

English Legal System: Deposit

In the context of the English law, A Dictionary of Law provides the following legal concept of Deposit :

1. A sum paid by one party to a contract to the other party as a guarantee that the first party will carry out the terms of the contract. The first party will forfeit the sum in question if he does not carry out the terms, even if the sum is in excess of the other party’s loss. If the contract is completed without dispute the deposit becomes part payment. In land law a deposit is usually made by a purchaser when exchanging contracts (See exchange of contracts) for the purchase of land. The contract stipulates whether the recipient (usually the vendor’s solicitor or estate agent) holds the deposit as agent for the vendor, in which case the vendor can use the money pending *completion of the transaction, or as stakeholder, in which case the funds must remain in the stakeholder’s account until completion or (in the case of a dispute) a court has decided who should have it. If the contract is rescinded the purchaser is entitled to the return of his deposit.

2. The placing of title deeds with a mortgagee of unregistered land as security for the debt. A mortgagee not protected by deposit of title deeds (such as a second mortgagee of unregistered land) registers his mortgage (See registration of encumbrances) and is then entitled to receive the title deeds from prior mortgagees after the redemption of their security. All mortgages of registered land must be registered to be binding on purchases of the land.

Concept of Deposit in the context of Real Property

Alternatives definitions of Deposit: (1) Money given by the buyer with an offer to purchase. Shows good faith. Also called earnest money. (2) A natural accumulation of resources (oil, gold, etc.) which may be commercially recovered and marketed.

Deposit in Voting Law

Definition of Deposit in the context of the United States election law: Sum of money that a person (or a party) must pay to be a candidate. This money will be returned to the candidate after the elections if he or she gains a certain amount of votes.This is done not only to prevent irresponsible candidates from running in an election but also to reduce the number of candidates. However, it might also be used or seen as discrimination against less resourceful parties or candidates. Deposits are usually higher in candidate-oriented majority/plurality systems than in more party-oriented proportional representation systems.

Concept of Deposit in the context of Real Property

Alternatives definitions of Deposit: (1) Money given by the buyer with an offer to purchase. Shows good faith. Also called earnest money. (2) A natural accumulation of resources (oil, gold, etc.) which may be commercially recovered and marketed.

Deposit in Voting Law

Definition of Deposit in the context of the United States election law: Sum of money that a person (or a party) must pay to be a candidate. This money will be returned to the candidate after the elections if he or she gains a certain amount of votes.This is done not only to prevent irresponsible candidates from running in an election but also to reduce the number of candidates. However, it might also be used or seen as discrimination against less resourceful parties or candidates. Deposits are usually higher in candidate-oriented majority/plurality systems than in more party-oriented proportional representation systems.

Deposit