As intrust. "Deposited," as used in Rev. St. 5468, declaring that the fact that a letter has been deposited in any authorized depository for mail matter, or in charge of any postmaster, or of any clerk, carrier, agent, or messenger of the postal service, shall be evidence that it was intended to be conveyed by mail, should be construed in the sense of "intrusted," and refers to mail matter left in any way for official transmission with an employé in the course of his employment. Walster v. United States (U. S.) 42 Fed. 891, 895. DEPOSIT (Noun). See "Affidavit of Deposit"; "Bank Deposit"; "Call Deposits"; "Certificate of Deposit"; "General Deposit"; "Gratuitous Deposit"; "Individual Deposits"; "Judicial Deposit"; "Naked Deposit"; "Necessary Deposit"; "On Deposit"; "Special Deposit"; "Specific Deposit." "Deposit" is the delivery of a thing for custody, to be redelivered on demand without compensation, such as a deposit of securities or valuables in a bank for safe-keeping. National Bank of Ft. Edward v. Washington County Nat. Bank (N. Y.) 5 Hun, 605, 607. A "deposit" is an act by which a person receives the property of another, binding himself to preserve it and return it in time. Civ. Code, art. 2926. In re Louisiana Savings Bank & Safe Deposit Co., 4 South. 301, 303, 40 La. Ann. 514. Act June 4, 1879, providing that if any banker shall receive any deposits, when insolvent, whereby the deposit so made shall be lost to the depositor, the banker so receiving such deposit shall be deemed guilty of embezzlement, is broad enough to include, and does include, not only the total sum deposited, but also the constituent parts of such sum. Meadowcroft v. People (Ill.) 45 N. E. 991, 997. Act June 16, 1836, § 22, providing that "deposits of money" belonging to a judgment debtor in any bank or with any person or body, corporate or politic, shall be liable to execution, should not be construed as applicable solely to transactions in which the relation of debtor and creditor between the depositary and the depositor arises, but includes money left with a third person for safe-keeping, to be returned to the owner, not in money of like amount, but in the identical money left with him. Rozelle v. Rhodes, 9 Atl. 160, 162, 116 Pa. 129, 2 Am. St. Rep. 591. A "deposit" is a receipt of money by a banker upon an engagement to repay the sum at the banking house when payment shall be called for there. It is not the bank's duty, as it is that of an ordinary debtor, to seek the creditor and pay him wherever found, but it is a condition precedent to its duty to repay that the depositor shall call upon it to do so at its banking house, and there is no default of the bank until such call is made. Tobias v. Morris, 28 South. 517, 520, 126 Ala. 535 (citing Downes v. Phoenix Bank, 6 Hill, 297, 299; Branch v. Dawson, 23 N. W. 552, 33 Minn. 399). The terms of an auction sale of land calling simply for a "deposit" by the purchaser of a stated amount as earnest money are complied with by the delivery of a check satisfactory to the vendor or auctioneer. White v. Dahlquist Mfg. Co., 60 N. E. 791, 792, 179 Mass. 427. The term "deposits," in Act March 25, 1824, providing that banks shall make a return of their condition to the Legislature, in which, among other things, shall be set forth their deposits, means money, current money received by the bank as such, and not old clothes or earrings, or, as in this case, a bundle sealed up' and containing tide-water canal notes, the issuing of which had been interdicted, and in relation to which it would be a violation of duty of the bank to countenance and aid in their circulation. Lloyd v. West Branch Bank, 15 Pa. (3 Har.) 172, 175, 53 Am. Dec. 581. shall be Rev. St. 3408, as amended by Act March 1, 1879, c. 125, provides that "deposits in * savings banks exempt from the tax on so much thereof as they have invested in securities of the United States * * and on all deposits not exceeding $2,000." Held, that the meaning of the word "deposits," as last used, was equivalent to the terms "sums deposited," or "sums," the meaning being that neither deposits invested in United States securities, nor sums not exceeding $2,000 deposited in the name of any one person, should be taxed. German Sav. Bank v. Archbold, 104 U. S. 708, 709, 26 L. Ed. 901 (reversing [U. S.] 10 Fed. Cas. 260). "Deposit" is a word of large and varied signification, and its meaning depends largely upon the character in which it is used. The word, as used in Pub. Laws, 145, defining embezzlement, prohibiting the receiving by a bank of money from a depositor, with knowledge that the bank is at the time insolvent, and providing that one guilty of so doing shall be guilty of embezzlement, has reference to such deposits as the banks are Commonwealth authorized to receive. Darlington, 8 Pa. Dist. R. 237. Gen. Assem, c. 155, amending Code, § 912, The word "deposit," as used in Acts 17th allowing county treasurers to deposit county funds in the banks in the state, includes both special and general deposits, and, the latter being the more common, there is no sufficient ground for concluding that the Legislature intended to exclude them from the operation of the act. Caldwell v. King, 50 N. W. 975, pense, and to be returned when the bailor 976, 84 Iowa, 228. V. S. 582-584, requires savings banks and trust companies to pay a certain state tax on their individual deposits exceeding in the aggregate a certain sum. Held, that the word "deposit" did not mean deposits in the ordinary sense, but included securities held as a part of the trust fund by such bank. Montpelier Sav. Bank & Trust Co. v. City of Montpelier, 50 Atl. 1117, 73 Vt. 364. As used in Tenn. Acts 1879, c. 166, 1, entitled "An act to prevent the sale of cotton between sunset and sunrise," and provid shall require it. Bellows Falls Bank v. Rut land County Bank, 40 Vt. 377, 380; Payne v. Gardiner, 29 N. Y. 146, 167; Wilson v. Pros ser (Pa.) 5 Kulp, 471. In the case of deposits with a banker, the relation of the banker with the depositor is that of debtor and creditor, and does not partake of a fiduciary character. In re Cobb (U. S.) 96 Fed. 821, 824. A "deposit" is a form of bailment in which the principal object of the parties is ices and labor to be performed in connection the custody of the thing bailed, and the servtherewith are a mere accessory thereto. ing that it shall not be lawful to sell, buy, Thompson v. Woodruff, 47 Tenn. (7 Cold.) 401, 407. barter or exchange, or receive on deposit any A "deposit" is defined to be a bailment of goods to be kept by the bailee without reward, and delivered according to the object or purpose of the original trust. Montgom A deposit, in general, is an act by which son to another, to keep for the use of the When chattels are delivered by one perbailor, it is called a "deposit." Civ. Code Ga. 1895, § 2921. As capital stock. a person receives the property of another, The term "deposits," as used in a statbinding himself to preserve it and return itute providing that every institution for savin kind. Civ. Code La. 1900, art. 2926. As assets. Pub. St. c. 13, § 20, provides for the imposition of a tax on savings banks, to be paid semiannually on the average amount of deposits for the six months preceding. Held, that the word "deposits" as there used was not synonymous with "assets," but meant the amounts with which the bank was charged on its books as received from depositors, and did not include any particular part of the investments of the bank; hence it could not be said that the bank was taxable as on deposits for a guaranty fund and for undivided profits. Suffolk Sav. Bank v. Commonwealth, 23 N. E. 728, 729, 151 Mass. 103. When a deposit is made, the ownership of the money passes to the bank and becomes part of its assets. In exchange therefor there accrues to the depositor, by force of the contract of deposit, an indebtedness against the bank to the extent of the amount deposited. So that, in a statute exempting from taxation the deposits in any bank for savings which he had deposited, the word “deposit” will not be held to mean the money received by the bank, or the securities into which it has been converted; so that an exemption extends to the bank alone, and will be held to mean the debt which is due the depositor under the contract of deposit. People v. Dederick, 54 N. Y. Supp. 519, 520, 35 App. Div. 29. As a bailment. A "deposit" is defined to be a naked bailment of goods, to be kept without recom ings incorporated under the laws of the commonwealth should pay a tax of 1⁄2 of 1 per cent. per annum on the amount of its deposits, means the sums received by the institution from depositors, without regard to the nature of the funds. They are not capital stock in any sense, nor are they even investments. Provident Institution v. Massachusetts, 73 U. S. (6 Wall.) 611, 627, 18 L. Ed. 907; Home Ins. Co. v. State of New York, 10 Sup. Ct. 593, 597, 134 U. S. 594, 33 L. Ed. 1025. Commercial deposit. A savings bank was allowed to receive money on deposit or in trust at such rate of interest or on such terms as may be agreed upon, the rate of interest to be allowed for the deposits not to exceed the legal rate. It kept deposits for savings and investment, and in addition thereto it kept with business men commercial deposits, which are strictly commercial accounts, such as are kept by national banks. Such deposits are subject to be withdrawn at sight, and the depositor receives no interest thereon. By V. S. 583, it was provided that every trust company or savings bank shall pay a certain tax upon the average amount of its deposit, and it was contended that the amount "deposited," as used in the charter, did not have reference to the commercial deposits, but referred solely to deposits of savings, or to such as are interest-bearing, and, as used in tax laws, it did not include commercial deposits as a basis of taxation. But it was held that under the provisions of the charter the rate of interest and terms on which the bank may As a loan. agree to receive money on deposit are with-in some particular capacity. Brahm v. Adin its discretion, and that this language is kins, 77 Ill. 263, 264. broad enough to permit the rest of the money on deposit upon terms as to interest from the legal interest down to without interest, and upon such terms regarding payment as the parties may expressly and impliedly agree, and hence the word, "deposit" would include commercial deposits as well. State v. Franklin County Sav. Bank & Trust Co., 52 Atl. 1069, 1070, 74 Vt. 246. General and special deposit distinguished. Originally a "deposit" of money was made by placing a sum of money in gold or silver with a bank or other depositary, to be returned, when called for, in the same identical coin, and without interest, the depositor paying the depositary a compensation for his care. For more than a century, however, prior to the passage of Laws 1831, c. 178, for the incorporation and establishment of banks, the term "deposit" had come to mean quite a different transaction. It became customary to deposit money for a particular period and on interest, or payable at certain prescribed periods after notice; in short, the term "deposit" became a sym Deposits of money in a bank are either general or special. A "general deposit" is one which is to be repaid on demand in money, and the title to the money deposited passes to the bank; a "special deposit" is one in which the depositor is entitled to the re-bolical word to designate not only a deposit turn of the identical thing deposited, and the title remains in the depositor. Bank of Blackwell v. Dean, 60 Pac. 226, 9 Okl. 626. All deposits made with banks may be divided into two classes, namely, those in which the bank becomes bailee of the depositor, the title to the thing remaining with the latter, and that other kind of deposit of money, peculiar to banking business, in which the depositor for his own convenience parts with the title to his money and loans it to the bank, and the latter, in consideration of the loan of the money and the right to use it for its own profits, agrees to refund the same amount, or any part thereof, on demand. Shipman v. Bank of the State of New York, 13 N. Y. Supp. 475, 486, 59 Hun, 621. See, also, Montagu v. Pacific Bank (U. S.) 81 Fed. 602, 604 (citing Marine Bank v. Fulton County Bank, 69 U. S. [2 Wall.] 252, 256, 17 L. Ed. 785). A deposit "is an act by which a person receives the property of another, binding himself to preserve and return it. There is a distinction in deposits. Where the very silver and gold deposited is to be restored, the transaction is a 'special' or 'pure' deposit; but where the party is to restore not the identical coin, but only an equivalent on demand, it is a 'loan' or 'irregular deposit.'" State v. Clark, 4 Ind. 315, 316. "A 'deposit,' properly so called, is a naked bailment, and exists where one of the contracting parties gives something to the other to keep, who is to do so gratuitously, and obliges himself to return it in individuo when he shall be requested. When one deposits money with another for safe-keeping, the latter to return, not the specific money, but an equal sum, the transaction is also called a 'deposit,' but it is an irregular deposit." Rozelle v. Rhodes, 9 Atl. 160, 162, 116 Pa. 129, 2 Am. St. Rep. 591. A bank deposit is general unless the depositor makes it special, or deposits it expressly in its original sense, but all that class of contracts where money in any of its forms, as specie or bank bills, was placed in the hands of banks or bankers to be returned in other money on call, or at a specified period, and with or without interest. The transaction, as designated in the figurative use of the term, was in reality the same as a “loan” of money when it occurred between individuals. Curtis v. Leavitt, 15 N. Y. 9, 166. Originally, a “deposit” was a thing delivered for gratuitous safe-keeping, and it remained the property of the owner; but it is now used to designate a certain kind of loan, for money deposited in the ordinary way becomes the property of the bank or banker. Such loans always imply that the money on deposit is lying in the bank on hand ready to meet the demand of the owner, and that it is kept there for convenience. State Sav. Bank v. Foster, 76 N. W. 499, 500, 118 Mich. 268, 42 L. R. A. 404. A "deposit" is where a sum of money is left with a banker for safe-keeping, subject to order, and payable, not in the specific money deposited, but in an equal sum. It may or it may not bear interest, according to the agreement. While the relation between the depositor and banker is that of debtor and creditor, the transaction cannot in any proper sense be regarded as a loan, unless the money is left, not for safe-keeping, but for a fixed period at interest, in which case the transaction assumes the charHunt v. Hopley, 95 N. acteristics of a loan. w. 205, 206, 120 Iowa, 695 (citing In re Law's Estate, 144 Pa. 499, 22 Atl. 831, 14 L. R. A. 103; State v. McFetridge, 84 Wis. 473, 54 N. W. 998, 20 L. R. A. 223). A “deposit" is a temporary disposition of money for safe-keeping, and this temporary nature which carries with it a greater or less degree makes it distinguishable from an investment, of permanency. In re Law's Estate, 22 Atl. 831, 832, 144 Pa. 499, 14 L. R. A. 103. There is a distinction between a general deposit by the payment of the depositor's checks. Neal v. First Nat. Bank, 60 N. E. 164, 166, 26 Ind. App. 503 (citing Boyden v. Bank of Cape Fear, 65 N. C. 13; Himstedt v. Bank, 46 Ark. 537; Perley v. Muskegon County, 32 Mich. 132, 20 Am. Rep. 637; McLain v. Wallace, 103 Ind. 562, 5 N. E. 911). of money in a bank, payable at any time on | his deposit is exhausted. The deposit cre demand, and an investment of such money. ates a debt, which is discharged pro tanto By such a deposit the depositor does not lose control of the money, but may reclaim it at any time. He loses control of the specific coin or currency deposited, but not of an equal amount of coin or currency having the same qualities and value; but if funds are invested in United States or state bonds, or in loans on time to counties, cities, etc., control thereof is lost, and the same cannot be replaced until such bonds are paid or sold, or such loans become due and are collected by due course of law. The retention of substantial control over the funds in the one case, and the loss of such control in the other, mark the leading distinction between a mere "deposit" of the funds of a state in the hands of its treasurer, and A "deposit" was clearly defined in Payne v. Gardiner, 29 N. Y. 146, 168, and Pothier was quoted with approval as follows: "Where a man deposits money in the hands of another to be kept for his use, the possession of the custodian ought to be deemed the possession of the owner, until an application and refusal or other denial of right." It is further said that a distinction exists between a mere "loan" and a "deposit." They an "investment" thereof, as those terms are used in the statutes relating thereto. State are governed by different rules. Thus, where v. McFetridge, 54 N. W. 1, 11, 84 Wis. 473, a wife received money as proceeds of a sale 20 L. R. A. 223. Where a state treasurer of her separate property, and paid the proplaces state funds in a national bank sub-ceeds over to her husband, and there was ject to check, the bank giving security there- evidence that he had made statements that for and agreeing to pay interest on daily she had given him the money to care for, a "deposit." balances, the transaction is a deposit, and such transaction. constituted not a loan. Nebraska v. First Nat. Bank Dorman v. Gannon, 38 N. Y. Supp. 659, 661, (U. S.) 88 Fed. 947, 948. 4 App. Div. 458. A deposit made by one bank with another is a loan. It is well known that country banks keep on deposit in New York with bankers and merchants a considerable amount of money for their own convenience, for which they receive more or less interest. But whether interest be obtained or not, these deposits are, equally with paper discounted over the counter of the bank, loaned money. The banker is accountable for the deposits he receives as a debtor, and the individual borrower of money from the bank sustains no other relation to it. In both cases money is borrowed to be returned in a greater or less period of time, according to the contract of the parties. First Nat. Bank v. Lanier, 78 U. S. (11 Wall.) 369, 375, 20 L. Ed. 172. A "deposit" was originally a thing delivered to a person for gratuitous safe-keeping, which remained the property of the owner. The word, however, is now used to designate a certain kind of loan. For money deposited in the ordinary way becomes the property of the bank, and the deposit is a debt. In re Patterson (N. Y.) 18 Hun, 221, 222. Deposits are regarded as loans to the bank without interest, and the money goes into the general fund, and is used by the bank for its own benefit in its usual financial operations. The bank thus gets the benefit of the loan of the depositor's money, and, as a compensation to the depositor, there is an implied obligation on the part of the bank to honor and pay on presentation the checks and drafts of the customer until See "Personal Property": "Property." Surplus. Laws 1896, c. 908, § 4, subd. 14, exempt ing the "deposits" in any bank for savings which are due depositors, means the total amount received for which the bank is accountable, and not merely the identical monincludes the surplus which has accumulated, eys received from particular depositors, and it being a fund which represents the original deposits, and its creation being authorized in contemplation that it may be used to repay to the depositors the amounts put in by them. People v. Peck, 51 N. E. 412, 414, 157 N. Y. 51. DEPOSIT IN COURT. "Deposited in court," as used in 1 St. 625, c. 119, providing that in all cases of admiralty jurisdiction the clerk of the District Court shall be entitled to a certain percentage on all moneys deposited in court, means money which is deposited subject to the or- § 2849; Rev. Codes N. D. 1899, § 4024; Civ. der of the court, whether it be in the actual Code S. D. 1903, § 1376. possession of the court or a bank, or of an officer of the court. It is not limited to mon ey brought in and deposited, sedente curia, in the actual manual possession of the court. It includes money deposited in the bank subject to the order of the court. EX parte Prescott (U. S.) 19 Fed. Cas. 1283, 1285. DEPOSIT FOR EXCHANGE. A "deposit for exchange" is one in which the depositary is only bound to return a thing corresponding in kind to that which is deposited. Civ. Code Cal. 1903, § 1818; Rev. Codes N. D. 1899, § 4005; Civ. Code S. D. 1903, § 1357; Rev. St. Okl. 1903, § 2829. DEPOSIT FOR HIRE. A deposit not gratuitous is called "storage." A deposit in such case is called a "de posit for hire." Civ. Code Cal. 1903, § 1851. DEPOSIT FOR KEEPING. A "deposit for keeping" is one in which the depositary is bound to return the identical thing deposited. Rev. St. Okl. 1903, § 2828; Rev. Codes N. D. 1899, § 4004; Civ. Code S. D. 1903, § 1356; Civ. Code Cal. 1903, § 1817. DEPOSIT SLIP. A "deposit slip" made out by the cashier of a bank is considered merely a note to help the memory. First Nat. Bank v. City Nat. Bank, 76 S. W. 489, 102 Mo. App. 357. DEPOSITARY. See "Legal Depositary." A voluntary deposit is made by one giving to another, with his consent, the possession of personal property, to keep for the benefit of the former or a third party. The person giving it is called the "depositor," and the person receiving it the "depositary." Civ. Code S. D. 1903, § 1353; Rev. St. Okl. 1903, § 2825; Rev. Codes N. D. 1899, § 4001. A voluntary deposit is made by one giving to another, with his consent, the possession of personal property to keep for the benefit of the former or of a third party. The person giving is called the "depositor," and the person receiving the "depositary.” Rev. Codes N. D. 1899, § 4001; Civ. Code S. D. 1903, § 1353. DEPOSITION. A "deposition" is the testimony of a witness, put or taken down in writing, under oath or affirmation before a commissioner, examiner, or other judicial officer, in answer to interlocutory and cross-interlocutory, and usually subscribed by the witness. Lutcher v. United States (U. S.) 72 Fed. 968, 972, 19 C. C. A. 259. The word "deposition," in common parlance, is often used to designate the document containing the interrogatories, answers, and certificate of the magistrate; while, again, it more appropriately designates the narrative of the witness made under the sanction of an oath and reduced to writing. Fuller v. Hodgden, 25 Me. (12 Shep.) 243, 246. The ordinary and usual meaning of the word "deposition" is confined to written testimony. United States v. Clark (U. S.) 25 Fed. Cas. 441, 442. Depositions are species of evidence, in suits at law, altogether unknown to the common law. They are not used in England and many of our sister states. They are, moreover, a species of evidence of a most unsatisfactory character, and should always be received with the utmost caution. Winooskie Turnpike v. Ridley, 8 Vt. 404, 405, 30 Am. Dec. 476. of evidence, and not to be encouraged beDepositions are at best an inferior kind yond the limits of absolute necessity. Where, therefore, a party desiring to avail himself of this sort of evidence might have had it taken in a way more conducive to fairness as respects his adversary, the court ought to require a better excuse for the adThe depositary in the case of a deposit mission than attention to his own convenwhich is not gratuitous is called a "depos-ience. Gordon v. Little (Pa.) 8 Serg. & R. itary for hire." Civ. Code Mont. 1895, 533, 556, 11 Am. Dec. 632. DEPOSITARY FOR HIRE. 2490. When chattels are delivered by one person to another to keep for the use of the bailor, the depositary receiving or expecting a reward or hire is called a "depositary for hire." Civ. Code Ga. 1895, § 2921. A deposit not gratuitous is called "storage." The depositary in such case is called a "depositary for hire." Rev. St. Okl. 1903, Code Cr. Proc. art. 774, declares that the "deposition" of a witness taken before an examinining court or a jury of inquest, and reduced to writing and certified according to law, in cases where the defendant was present and had the privilege of crossexamining the witness, may be read in evidence, as is provided for the reading of "depositions." Held, that the word "deposition" in the beginning of such section was a mani |