Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Deposit
n. 1. The act of giving money or other property to another who promises to preserve it or to use it and return it in kind; esp., the act of placing money in a bank for safety and convenience. 2. The money or property so given.
Depositary
1. A person or institution that one leaves money or valuables with for safekeeping <a title-insurance officer is the depositary of the funds>. 9 When a depositary is a company, it is often termed a safe-deposit company. Cf. DEPOSITORY. 2. A gratuitous bailee. See DEPOSIT (6).
Depositary bank
the first bank to which an item is transferred for collection. Ucc § 4-105(2).
Depositor
n. One who makes a deposit. See DEPOSIT.
Depository Trust Corporation
The principal central clearing agency for securities transactions on the public markets. - Abbr. DTC.
Federal Deposit Insurance Corporation
An independent governmental agency that insures bank deposits up to a statutory amount per depositor at each participating bank. ( The insurance fund is financed by a premium paid by the participating banks. - Abbr. FDIC.
Suitors' Deposit Account
An account consisting of suitors' fees paid in the Court of Chancery that, by the Chancery Act of 1872, were to be invested in government securities bearing interest at 2% per annum on behalf of the investing suitor, unless the suitor directed otherwise.
actio depositi contraria
An action that a depositary has against the depositor for unpaid expenses.
actio depositi directa
An action that a depositor has against a depositary for the return of the deposited item.
american depository receipt.
a receipt issued by an american bank as a substitute for stock shares in a foreign-based corporation. ( adrs are the most common method by which foreign companies secure american shareholders. companies that offer adrs maintain a stock listing in their domestic market in their domestic currency, while the adrs are held in u.s. dollars and listed on a u.s. stock exchange, usu. the new york stock exchange. - abbr. adr. -also termed american depositary receipt.
apex deposition
The deposition of a person whose position is at the highest level of a company's hierarchy. ( Courts often preclude an apex deposition unless (1) the person to be deposed has particular knowledge regarding the claim, and (2) the requesting party cannot obtain the requested - and discoverable -information through less intrusive means. deposition de bene esse (dee bee-nee es-ee also day ben-ay es-ay). A deposition taken from a witness who will likely be unable to attend a scheduled trial or hearing. * If the witness is not available to attend trial, the testimony is read at trial as if the witness were present in court. See testimony de bene esse unde
certificate of deposit
1. A banker's certificate acknowledging the receipt of money and promising to repay the depositor. 2. A bank document showing the existence of a time deposit, usu. one that pays interest. - Abbr. CD.
demand deposit
A bank deposit that the depositor may withdraw at any time without prior notice to the bank.
deposit account
A demand, time, savings, passbook, or similar account maintained with a bank, savings-and-loan association, credit union, or like organization, other than investment property or an account evidenced by an instrument. UCC § 9-102(a)(20). - Abbr. D.A.
deposit box
See SAFE-DEPOSIT BOX.
deposit company
See COMPANY.
deposit contract
An agreement between a financial institution and its customer governing the treatment of deposited funds and the payment of checks and other demands against the customer's account.
deposit in court
The placing of money or other property that represents a person's potential liability in the court's temporary custody, pending the outcome of a lawsuit. - Also termed deposit into the registry of the court.
deposit insurance
See INSURANCE.
deposit insurance.
A federally sponsored indemnification program to protect depositors against the loss of their money, up to a specified maximum, if the bank or savings-andloan association fails or defaults.
deposit into the registry of the court
See DEPOSIT IN COURT.
deposit of title deeds
A pledge of real property as security for a loan, by placing with the lender, as pledgee, the title-deed to the land.
deposit premium
The initial premium paid by an insured pending the final premium adjustment.
deposit ratio
The ratio of total deposits to total capital.
deposit slip
A bank's acknowledgment of an amount received on a certain date by a depositor.
deposit warrant
A warehouse receipt used as security for a loan.
depositary bank
See BANK.
deposition
1. A witness's outof-court testimony that is reduced to writing (usu. by a court reporter) for later use in court or for discovery purposes. 2. The session at which such testimony is recorded.
deposition on written questions
A deposition given in response to a prepared set of written questions, as opposed to a typical oral deposition. - Formerly also termed deposition on written interrogatories "The advantage of a deposition on written questions is that counsel for the parties need not go to some distant place to be present at the taking of the deposition. Instead they serve on each other questions and cross questions - and even redirect and recross questions -that they wish to have put to the deponent. These are then sent to the officer who is to take the deposition. The officer puts the questions to the witness, records the answers, and transcribes and files the deposition as with an oral deposition. The officer is merely to record what the witness says in response to the various questions propounded to him or her." Charles Alan Wright, The Law of Federal Courts § 85, at 618-19 (5th ed. 1994).
depository
n. A place where one leaves money or valuables for safekeeping <the grade school's depository for used books>. Cf DEPOSITARY.
depository bond
See BOND (2).
depository bond.
A bond given by a bank to protect a public body's deposits should the bank become insolvent.
depository institution
1. An organization formed under state or federal law, authorized by law to receive deposits, and supervised and examined by a government agency for the protection of depositors. 2. A trust company or other institution authorized by law to exercise fiduciary powers similar to those of a national bank. 0 The term does not include an insurance company, a Morris Plan bank, an industrial loan company, or similar bank unless its deposits are insured by a federal agency.
depository-transfer check
An unsigned nonnegotiable check that is used by a bank to transfer funds from its branch to the collection bank
depositum
See gratuitous bailment under BAILMENT, DEPOSIT (5). deposit warrant See WARRANT (2) See WARRANT (2)
direct deposit
The payment of wages by transferring the payment directly into the employee's bank account, usu. by electronic transfer.
escrow deposit
See escrow account under ACCOUNT.
frozen deposit
A bank deposit that cannot be withdrawn, as when the financial institution is insolvent.
frozen deposit.
See DEPOSIT (2!
general deposit
See DEPOSIT (2).
gratuitous deposit.
See gratuitous bailment under BAILMENT.
involuntary deposit
A deposit made by accidentally leaving or placing personal property in another's possession. See involuntary bailment under BAILMENT.
miserabile depositum
[Law Latin "a pitiful deposit"] Civil law. A deposit or bailment made in an emergency, as in a shipwreck, fire, or insurrection.
naked deposit
See gratuitous bailment under BAILMENT, DEPOSIT (5).
necessary deposit
A bailment, usu. made by reason of emergency or other necessity, that prevents. the depositor from freely choosing the depositary. ( A necessary deposit occurs, for example, when a person entrusts goods to a stranger during a fire.
negotiable certificate of deposit
A security issued by a financial institution as a short-term source of funds, usu. with a fixed interest rate and maturity of one year or less.
oral deposition
See DEPOSITION.
quasi-deposit
See DEPOSIT (5).
safe-deposit box
A lockbox stored in a bank's vault to secure a customer's valuables. 0 It usu. takes two keys (one held by the bank and one held by the customer) to open the box. - Often shortened to deposit box. - Also termed safetydeposit box.
safe-deposit company
See DEPOSITARY (1).