Depositor - Law Dictionary Search Results
Home Dictionary Name: depositorDepositor
Depositor, the person to whom such a payment has been or is to be made is referred to as 'the depositor', Banking Act, 1987, s. 62(2) Halsbury's Laws of England 3(1), para 118, p. 102....
deposit
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 to one's credit demand deposit : a bank deposit that can be withdrawn without prior notice general deposit : a deposit of money in a bank that is to the credit of the depositor thereby giving the depositor the right to money and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that is to be returned to the depositor, and that creates a bailment or trust time deposit : a bank deposit that can be withdrawn only after a...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by a 'deposit receipt' given by the banker to the depositor, not to be drawn upon by cheques, and usually not to be withdrawn except after a fixed notice, but bearing interest either at some fixed rate, or very often at 1 per cent.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....
Savings banks
Savings banks, institutions for the safe custody and increase of the small savings of the poor. See Chitty's Statutes, tit. 'Savings Banks.' They are: (1) Trustee; (2) Post Office; (3) Military; (4) Statutory; (5) Uncontrolled.(1) Trustee Savings Banks are regulated by a long series of Acts (the Trustee Savings Banks Acts, 1861 to 1934), which provide that they must not be described in a manner which implies that the Government is responsible to depositors, that the money received must be paid to the Bank of England or Ireland and carried to an account kept in the names of the National Debt Commissioners, and that annual accounts must be sent to the Commissioners. An 'Inspection Committee,' estab-lished under the Savings Bank Act, 1891, has extensive powers of supervision for the purpose of detecting any breaches of the Acts or rules regulating a bank. Deposits by any depositor in more than one Trustee Savings Bank is prohibited, and the Treasury have power to limit the amount from one...
Savings account
Savings account, means a savings bank depositor's account usually bearing interest or containing conditions (such as advance notice) to the right of withdrawal, Black's Law Dictionary, 7th Edn., p. 1345....
Loan
Loan [hl'n, Sax.], anything lent or given to another on condition of return or repayment. As to loan of money, see MONEY LENDERS ACT.The distinction between a loan and a deposit is that in the case of a loan it is ordinarily the duty of the debtor to seek out the creditor and to pay the money according to the agreement. In the case of a deposit it is the duty of the depositor to go to the depositee and to make a demand for it, Gurcharan Das v. Ram Rakha Mal, AIR 1937 Lah 81.The word 'loan' used in s. 4 has the same meaning as it has in s. 2(f) and includes a transaction on a bond bearing interest executed in respect of past liability, Jiwanlal Achariya v. Rameshwarlal Agarwalla, AIR 1967 SC 1118: (1967) 1 SCR 190. [Bihar Money Lenders (Regulation of Transactions) Act, 1939 (7 of 1939), ss. 2(f) and 4]...
Depositary
Depositary, one with whom anything is lodged in trust, as 'depository' is the place where it is put. The obligation on the part of the depositary is, that he keeps the thing with reasonable care, and, upon request, restore it to the depositor, or otherwise deliver it, according to the original trust.Means a company formed and registered under the Companies Act, (1 of 1956), and which has been granted a certificate of registration under sub-s. (1A) of s. 12 of the Securities and Exchange Board of India Act, 1992 (15 of 1992). [Depositories Act, 1996 (22 of 1996), s. 2 (1) (e)]...
Compulsory deposite
Compulsory deposite, 'Compulsory deposit means a subscription to, or deposit in a Provident Fund which under the rules of the Fund, is not until the happening of some specified contingency repayable on demand otherwise than for the purpose of the payment of premia in respect of a policy of life insurance (or the payment of subscriptions or premia in respect of a family pension fund), and includes any contribution and any interest or increment which has accrued under the rules of the fund on any such subscription, deposit, contribution, and also any such subscription, deposit, contribution interest or increment remaining to the credit of the subscriber or depositor after the happening of any such contingency', Union of India v. Hira Devi, AIR 1952 SC 227 (228): (1952) SCR 765. [The Provident Funds Act XIX of 1925, s. 2 (a)]...
Actio depositi directa
Actio depositi directa, an action by a depositor against a depositary, in order to get back the thing deposited, Civil Law....
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