Deposit

“ The requirement in that rule, that 'every assignee and the clerk of said court shall deposit all sums received by them severally, on account of any bankrupt's estate, in one designated depository,' seems to us to be abundantly satisfied by interpreting it as meaning that the assignee and the clerk shall deposit all sums received by them severally, that is, respectively, on account of any bankrupt's estate, in one designated depository. ”

“ Deposit is also used in the sense of earnest or security for the performance of a contract. In the law of mortgage the deposit of title-deeds is usual as a security for the repayment of money advanced. Such a deposit operates as an equitable mortgage. In the law of contract, deposit or simple bailment is delivery or bailment of goods in trust to be kept without recompense, and redelivered on demand (see Bailment) . ”

“ As we have seen, a deposit of money to one's credit in a bank does not operate to diminish the estate of the depositor, for when he parts with the money he creates at the same time, on the part of the bank, an obligation to pay the amount of the deposit as soon as the depositor may see fit to draw a check against it. ”

“ But an operating deposit is a totally different matter, by which the circulation of the bank paper is promoted, and which acquires actual value from the frequency of its fluctuations. It is a system so easy in its working, that no householder in Scotland is without it; and for every shilling that he deposits in the bank, he receives regular interest, calculated from day to day, without any deduction or commission, at as high a rate as if he had left, for a stipulated period, a million of money unrecallable by him, to be employed in its trade by the bank. ”

“ Banks of deposit, as has been mentioned, make loans from their capital and deposits. If from capital, the banker has no greater profit by the transaction than if he had lent out his money in any other way, equally safe, and involving the same amount of trouble. If from deposits, the interest he receives, so far as it exceeds the interest, if any, paid to the depositors, and a ratable proportion of the expense of carrying; on the business of the bank, is pure gain to him. ”

“ It is not ordinarily bound to inquire whence the depositor received the moneys deposited, or what obligation such depositor is under to other parties. It is only when there gather around any deposit, or line of deposits, circumstances of a peculiar nature, which individualize that deposit or line of deposits, and inform the bank of peculiar facts of equitable cognizance, that it is debarred from treating the deposit as that of moneys belonging absolutely to the depositor. We notice, therefore, the peculiar circumstances which cast knowledge upon this bank, in respect to these deposits. ”

“ And be it further enacted, That there shall be retained from every deposit in the mint, of gold or silver bullion below the standard of the United States, such sum as shall be equivalent to the expense incurred in refining the same, and an accurate account of such expense on every such deposit shall be kept, and of the sums retained on account of the same, which shall be accounted for by the treasurer of the mint, with the treasury of the United States. ”

“ If a man has given anything whatever on deposit, and, where he has made his deposit, something of his has been lost together with something belonging to the owner of the house, either by house-breaking or a rebellion, the owner of the house who is in default shall make good all that has been given him on deposit, which he has lost, and shall return it to the owner of the goods. ”

“ That if any bank will deposit with the Suffolk Bank $5,000 as a permanent deposit, with such further sums as shall be sufficient from time to time to redeem its bills taken by this bank, such bank shall have the privilege of receiving its own bills at the same discount at which they are purchased." "That should any bank refuse to make the deposit required, the bills of such banks shall be sent home for payment at such times and in such manner as the directors may hereafter order and direct." ”

“ Sometimes depositors mislay their deposit-books, or lose [272] them altogether, and in course of time forget that they have anything lying at their credit. This is an instance of such a case:—A depositor, upon being reminded that he had not sent up his book for a periodical examination—the time for which was already past—replied that his book was lost, but that if there was any balance due to him, he would be glad to have the particulars. ”

“ As a general rule, in the absence of an agreement to the contrary, a deposit, not made specifically applicable to some other purpose, may be applied by the bank in payment of the indebtedness of the depositor. ”

“ If a man store grain in the house of another, he shall pay storage at the rate of 5 KA of grain per GUR each year.
122. If a man give to another silver, gold or anything else on deposit, whatever he gives he shall show to witnesses and he shall arrange the contracts and (then) he shall make the deposit.
123. If a man give on deposit without witnesses or contracts, and at the place of the deposit they dispute with him (i.e., deny the deposit) , that case has no penalty. ”

“ The deposit is handed to the receiving teller of the bank, who, after verifying the ticket, makes an entry of the amount in the depositor’s pass-book. Duplicate deposit tickets are usually kept by the depositor. It is important to note that checks must be indorsed before they are deposited, so as to make them collectible by the bank. ”

“ The seventeenth section gives power 'to receive money on deposit and pay away the same free of expense, discount bills of exchange and notes, with two or more good and sufficient names thereon, or secured by a deposit of bank or other public stock, and to make loans to citizens of the States in the nature of discount on real property, secured by mortgage,' &c. ”

“ In that case it was said that 'all deposits made with bankers may be divided into two classes, namely, those in which the bank is bailee of the depositor, the title to the thing deposited remaining with the latter, and that other kind of deposit of money peculiar to the banking business, in which the depositor, for his own convenience, parts with the title to his money and loans it to the banker ”

“ But if a bank can employ all its capital, it is obvious that it cannot employ all deposits in making loans, because occasions are always occurring for removing deposits, as well as making them. Business men, for example, day by day, deposit with their bankers the checks or sums of money which they receive in the course of their business; and, on the other hand, day by day, draw out such sums as they require for the payment of purchases of goods, wages, rent, and other expenditure. A bank, therefore, while continually receiving deposits, is continually repaying deposits ”

“ The modern deposit grew out of the older form of deposit in which the fund was held separate and intact, and the sole purpose of the deposit was safe-keeping. Safe-keeping is still a very important function of deposit banking; and from the point of view of most depositors the chief one. [15] Borrowing by a bank (as distinguished from a rediscount) is commonly regarded as evidence ofweakness. [16] Often the loan is made in the hope of averting insolvency. Loans made by one bank to another commonly involve a pledge of assets, since only upon such a condition is the transaction possible. ”

“ Where the deposit is general and there is no special agreement proved, it is doubtless true that the title of the money deposited in a bank passes to the bank, and the bank becomes liable to the depositor for the amount as a debt. ”

“ The surface of another’s claim cannot be entered by the locator or possessor of such lode or vein.
What Constitutes a Deposit.
The word “deposit” has always been construed by the Land Office to be a general term, embracing veins, lodes, ledges, placers, and all other forms in which the valuable metals have ever been discovered. ”

“ This charge the court gave, adding, 'If it was handed in as a deposit, it became a deposit at the time it was received. Taking the surrounding circumstances into consideration, if it was received by the teller as a deposit, it became a deposit. That I give you, for it has these words in it, 'or received as a deposit."
For most purposes the law regards the entire day as an indivisible unit. But when the priority of one legal right over another, depending upon the order of events occurring on the same day, is involved, this rule is necessarily departed from. ”

“ If the sellers of the securities were customers, the banks would make payment by crediting the customers' transaction accounts, deposit liabilities would rise just as if loans had been made. More likely, these banks would purchase the securities through dealers, paying for them with checks on themselves or on their reserve accounts. ”

“ Provided that no interest earned on any such deposit shall be paid to the proprietor concerned except in accordance with the provisions of sub-section (3) .
[Sub-s. (2) amended by s. 2 (b) of Act No. 2 of 1972.] (3) Subject to the provisions of sub-section (4) , interest earned on any amount so deposited shall be paid to the proprietor concerned at the expiration of each full period of five years from the date of deposit and whenever such amount may be refunded to the depositor. ”

“ This is all you are required to invest, there being no other payments at any further time, and this deposit is returned to you after doing work to the amount of two thousand letters. We are compelled to ask for this small deposit to protect ourselves against unscrupulous persons who do not mean to work and who apply out of idle curiosity. ”

“ The only way, really, in which our system differs from yours is that every one starts the year with the same balance to his credit and that this credit is not transferable. As to requiring deposits before accounts are opened, we are necessarily quite as strict as your bankers were, only in our case the people, collectively, make the deposit for all at once. This collective deposit is made up of such provisions of different commodities and such installations for the various public services as are expected to be necessary. ”

“ It has been alleged that a fisherman might get advances from the merchant who employs him, although he had a deposit receipt in the bank, especially in a distant place, where it would cost some trouble to him to go to his bank and get his deposit receipt altered. ”

“ A certificate of deposit is a subsisting chose in action and represents the fund it describes, as in cases of notes, bonds, and other securities, so that a delivery of it, as a gift, constitutes an equitable assignment of the money for which it calls. ”

“ I therefore directed the treasurer of the United States: "Where deposits with national banks on account of subscriptions to the four per cent. loan have not been paid into the treasury within ninety days after the deposit was made, you will at once draw for the amount of such deposits, to be forthwith paid into the treasury, and as such deposits accrue under this rule, you will make such withdrawals until the whole is paid." ”

“ The balance of a depositor in paid up deposits and capita [Pg 72] lised interests is not permitted to amount at any time to more than 1,000 florins.
The Depositor must with the first deposit inscribe his signature in the place appointed on the third page of the deposit-book and must further give an account of his calling or occupation, the place, day, month, year of his birth, as well as the place where he lives and his address. He must moreover sign with his own hand the so-called «Gegenschein» (Counter-certificate) to be found in the deposit book. ”

“ Such corporations may receive on deposit, for the use and benefit of the depositors, all sums of money offered for that purpose, but recent legislation provides that they shall not hold of one depositor, other than a religious or charitable corporation, more than one thousand dollars at the same time. ”

“ Presumably, therefore, moneys deposited by them were the proceeds of cattle consigned to them for sale. Their business being known to the bank, such presumption goes with their deposits; and, while not of itself notice, is a circumstance to compel inquiry on the part of the bank in respect to any particular deposit. We do not mean to be understood as implying that a bank receiving deposits from one whom it knows to be in the commission business receives every deposit in trust for any unknown principal. ”

“ No Depositor is permitted to obtain, or cause to be obtained on his behalf, more than one deposit-book issued in his name; on the other hand every one is free, beyond their own deposit-books, to obtain for other, wholly distinct persons, deposit-books and to pay in deposits on their behalf. ”

“ The individual bank, of course, is not concerned as to the stages of expansion in which it may be participating. Inflows and outflows of deposits occur continuously. Any deposit received is new money, regardless of its ultimate source. But if bank policy is to make loans and investments equal to whatever reserves are in excess of legal requirements, the expansion process will be carried on. ”

“ As he makes his payments by check his own deposit account declines, but the bank accounts of his creditors increase, so that the net result of borrowing in Canada is an increase in the total of bank deposits. Consequently, in good times, when the banks are freely extending credit, the deposits grow, and in periods of dullness and liquidation they decline. A growth of deposits, therefore, is commonly accepted as an indication of business and industrial activity. ”