DEPOSIT
deposit,n.1. The act of giving money or other property to another who promises to preserve it
or to use it and return it in kind; esp., the act of placing money in a bank for safety and
convenience. [Cases: Banks and Banking 119–155. C.J.S. Banks and Banking §§ 193, 246, 248,
266–314, 316, 320–322, 326–381, 383–384, 393, 396–397, 399, 401–402, 404, 415–423, 425–444,
455.] 2. The money or property so given.
demand deposit.A bank deposit that the depositor may withdraw at any time without prior
notice to the bank.
direct deposit.The payment of wages by transferring the payment directly into the employee’s
bank account, usu. by electronic transfer.
frozen deposit.A bank deposit that cannot be withdrawn, as when the financial institution is
general deposit. 1. A bank deposit of money that is commingled with other depositors’ money.
2. A bank deposit that is to the depositor’s credit, thus giving the depositor a right to the money
and creating a debtor–creditor relationship between the bank and the depositor. • A bank is not
required to return the actual money deposited as a general deposit, as it must with a special deposit;
the bank need return only an equivalent sum. [Cases: Banks and Banking 75–80, 119. C.J.S.
Banks and Banking §§ 161, 172, 175–196, 246, 248, 269–271, 274, 276, 279, 284.]
special deposit.A bank deposit that is made for a specific purpose, that is kept separately, and
that is to be returned to the depositor. • The bank serves as a bailee or trustee for a special deposit.
— Also termed specific deposit. [Cases: Banks and Banking 153. C.J.S. Banks and Banking §§
283–287, 290.]
time deposit.A bank deposit that is to remain for a specified period or on which notice must
be given to the bank before withdrawal.
3. Money placed with a person as earnest money or security for the performance of a contract.
• The money will be forfeited if the depositor fails to perform. — Also termed security deposit.
4.Copyright. The placing of two copies of a published work with the Library of Congress within
three months of publication. • This requirement is independent of copyright registration. [Cases:
Copyrights and Intellectual Property 50.10. C.J.S. Copyrights and Intellectual Property §§
38–39.] 5.Civil law. A contract by which a depositor delivers a thing to a depositary for
safekeeping. La. Civ. Code arts. 2926, 2929. • A deposit may be either an onerous or a gratuitous
contract. — Also termed depositum; naked deposit; gratuitous deposit. See gratuitous bailment
under BAILMENT. [Cases: Bailment 2. C.J.S. Bailments §§ 5, 14, 16–18.]
involuntary deposit.A deposit made by accidentally leaving or placing personal property in
another’s possession. See involuntary bailment under BAILMENT.
necessary deposit.A bailment, usu. made by reason of emergency or other necessity, that
prevents the depositor from freely choosing the depositary. • A necessary deposit occurs, for
example, when a person entrusts goods to a stranger during a fire.
quasi-deposit. An involuntary deposit made when one party lawfully possesses property
merely by finding it.
voluntary deposit.A deposit made by the mutual consent of the bailor and bailee.
6.Patents. The placing of a sample of microorganisms or cell lines with the U.S. Patent and
Trademark Office to satisfy the enablement requirement. • The practice is not statutory but has
been established by regulation and caselaw. 37 CFR §§ 1.801–1.809. — Also termed enablement
by deposit. [Cases: Patents 100. C.J.S. Patents § 143.] [Blacks Law 8th]