Simple English definitions for legal terms
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Definition: A deposit warrant is a type of warrant used as security for a loan. It is a warehouse receipt that shows that a deposit has been made and can be used as collateral for a loan.
Example: If you deposit your jewelry in a bank safe deposit box, the bank may issue you a deposit warrant that you can use as collateral for a loan.
Explanation: The deposit warrant serves as proof that the deposit has been made and can be used as collateral for a loan. If the borrower defaults on the loan, the lender can use the deposit warrant to claim the deposit as collateral.