Deposit - Law Dictionary Search Results
Home Dictionary Name: depositdeposit
deposit 1 : to place for safekeeping or as security [may 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 use of the thing ed "Louisiana Civil Code"] de·pos·i·tor [di-pÄ -zə-tər] n n 1 : the state of being deposited (as in an account) [holding the property on ] compare escrow, trust 2 : something placed for safekeeping: as a : money deposited in a bank esp. to one's credit demand deposit : a bank deposit that can be withdrawn without prior notice general deposit : a deposit of money in a bank that is to the credit of the depositor thereby giving the depositor the right to money and creating a debtor-creditor relationship special deposit : a deposit that is made for a specific purpose, that is to be returned to the depositor, and that creates a bailment or trust time deposit : a bank deposit that can be withdrawn only after a...
Deposit
Deposit, money paid to a person as an earnest or security for the performance of some contract, especially a contract for the sale of real estate. Also a naked bailment of goods to be kept for the bailor without recompense, and to be returned when the bailor shall require it. The appellation and the definition are both derived from the civil law. Depositum est quod custodiendum alicui datum est. It is, in the civil law, divisible into two kinds: (1) necessary, made upon some sudden emergency, and from some pressing necessity; as, for instance, in case of a fire, a shipwreck, or other overwhelming calamity, when property is confided to any person whom the depositor may meet without proper opportunity for reflection or choice, and thence it is called miserabile depositum; (2) voluntary, which arises from the mere consent and agreement of the parties. the Common Law has made no such division. There is another class of deposits, called involuntary, which may be without the assent or even k...
Deposit account
Deposit account, an account of sums lodged with a bank and acknowledged to be so lodged by a 'deposit receipt' given by the banker to the depositor, not to be drawn upon by cheques, and usually not to be withdrawn except after a fixed notice, but bearing interest either at some fixed rate, or very often at 1 per cent. less than the Bank of England rate, and therefore at a rate varying from time to time. The depositor is only a creditor of the bank for the amount of deposit and interest (if any). See BANK.As to the power of an incorporated building society to receive money on deposit, see (English) Building Societies Act, 1874 (37 & 38 Vict. c. 42), s. 15; Building Societies Act, 1894 (57 & 58 Vict. c. 47), ss. 14 and 15....
Insured deposit
Insured deposit, 'insured deposit' means the deposit or any portion thereof the repayment whereof is insured by the corporation under the provisions of this Act. [Deposit Insurance and Credit Guarantee Corporation Act, 1961 (47 of 1961), s. 2(j)]...
Deposit-taking business
Deposit-taking business, a business is a deposit-taking business of the purposes of the Banking Act, 1987 if (1) in the course of the business money received by way of deposit is lent to others, or (2) any other activity of the business is financed, wholly or to any material extent, out of the capital of or the interest on money received by way of deposit, Halsbury's Laws of England 3(1), para 25, p. 22....
Deposition
Deposition: (1) Depriving of a dignity, etc. (2) The act of giving public testimony, technically, the evidence put down in writing by way of answer to questions. It is an incontrovertible rule at Common Law, that when the witness himself can be produced, his deposition may not be read, for it is not the best evidence. But it may be read not only where it appears that the witness is actually dead, but in all cases where he is dead for all purposes of evidence: as where diligent search has been made for the witness and he cannot be found; where he resides in a place beyond the jurisdiction of the Court; or where he has become lunatic. See now, however, R. S.C. 1883, Ord. XXXVII., rr. 1, 5; and EVIDENCE; PERPETUATE TESTIMONY, BILLS TO.As to deposition in criminal proceedings (in connec-tion with which the term is most commonly used), see especially the (English) Indictable Offences Act, 1848 (11 & 12 Vict. c. 42), s. 17, and the (English) Criminal Law Amendment Act, 1867 (30 & 31 Vict. c....
Bank Deposit Rate
Bank Deposit Rate, 'bank deposit rate' means the highest of the maximum rates at which interest may be paid on different classes of deposits (other than those maintained in savings account or those maintained by charitable or religious institutions) by different classes of scheduled banks in accordance with the directions given or issued to banking companies generally by the Reserve Bank of India under the Banking Regulation Act, 1949; (10 of 1949). [Additional Emoluments (Compulsory Deposit) Act, 1974 (37 of 1974) s. 2 (d)]...
Deposit and Loan
Deposit and Loan, the case of a deposit is something more than a mere loan of money. It will depend on the facts of each case whether the transaction is clothed with the character of a deposit of money. The surrounding circumstances, the relationship and character of the transaction and the manner in which parties treated the transaction will throw light on the true form of the transaction, Ram Janki Devi v. Jnggilal Kamlapa, AIR 1971 SC 2551 (2554): (1971) 1 SCC 477....
Deposit Insurance Corporation
Deposit Insurance Corporation, means the Deposit Insurance and Credit Guarantee Corporation established under s. 3 of the Deposit Insurance Corporation Act, 1961. [The Multi-State Co-operative Societies Act, 2002, s. 3 (j); Also see The Reserve Bank of India Act, 1934, s. 2 (bvi); The Banking Regulation Act, 1949, s. 5 (ff)]...
Mortgage by deposit of title deeds
Mortgage by deposit of title deeds, under the Transfer of Property Act a mortgage by deposit of title-deeds is one of the forms of mortgages whereunder there it a transfer of interest in specific immovable property for the purpose of securing payment of money advanced or to be advanced by way of loan. Therefore, such a mortgage of property takes effect against a mortgage deed subsequently executed and registered in respect of the same property. The three requisites for such a mortgage are (i) debt, (ii) deposit of title deeds; and (iii) an intention that the deeds shall be security for the debt, IC J Nathan v. S.V. Maruthi Rao, AIR 1965 SC 430 (435). [Transfer of Property Act, 1882, s. 58(f)]...
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