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LSDefine

Simple English definitions for legal terms

depositary bank

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A quick definition of depositary bank:

A depositary bank is a type of bank where people can put their money for safekeeping or to earn interest. It's the first bank that receives a check or other item for collection. Banks are places where people can borrow money to buy things or start businesses, and they also help people send money to others. Some banks are owned by the government, while others are owned by private individuals or companies.

A more thorough explanation:

A depositary bank is a financial establishment that accepts deposits, loans, exchanges, or issues money and transmits funds. It is a member of the Federal Reserve System and is supervised and examined by state or federal banking authorities. A depositary bank is the first bank to which an item is transferred for collection.

For example, when a person deposits a check, the depositary bank is the first bank to receive the check for processing and collection. The depositary bank sends the check to the paying bank for payment and credits the depositor's account once the funds are received.

Another example is when a company issues a bond. The depositary bank holds the bond on behalf of the bondholders and pays interest and principal payments to the bondholders.

Depositary banks play a crucial role in the financial system by providing a safe place for people to deposit their money and facilitating the movement of funds between different banks and financial institutions.

depositary | deposit box

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THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
AHHAHAHAHAHAHHAHAHAHAHAHAH
@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
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