DEPOSIT (

See also:

• LAT

Lat. depositurn, from deponere, to

See also:

• LAY

lay down, to put in the care of)  , anything laid down or separated; as in geology, any mass of material accumulated by a natural agency (see BED), and in chemistry, a precipitate or matter settling from a solution or suspension . In banking, a deposit may mean, generally, a sum of money lodged in a bank without regard to the conditions under which it is held, but more specially money lodged with a bank on " deposit account " and acknowledged by the banker by a " deposit receipt " given to the depositor . It is then not drawn upon by cheque, usually bears interest at a rate varying from time to time, and can only be withdrawn after fixed notice . 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) .