Simple English definitions for legal terms
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A depositor is someone who puts money or other things of value into a bank account for safekeeping. This is called a deposit. There are different types of deposits, like a demand deposit that you can take out anytime, or a time deposit that you have to keep in the bank for a certain amount of time. When you make a deposit, you become a depositor.
A depositor is someone who puts money or other property into a bank account for safekeeping and convenience. For example, when you put money into your savings account, you are a depositor.
There are different types of deposits:
Other types of deposits include security deposits, which are given as a guarantee for the performance of a contract, and quasi-deposits, which are made when someone finds property and lawfully possesses it.
Overall, a depositor is someone who entrusts their money or property to a bank for safekeeping and convenience.