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MIAMI A
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LSDefine
Simple English definitions for legal terms
depository
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A quick definition of depository:
A depository is a safe place where people put their money or valuable things to keep them secure. It can be a bank, credit union, or other trusted institution. Depositories can also hold securities, which are like special papers that show ownership of something valuable. In the United States, certain banks are chosen to be depositories for public funds, which means they are responsible for keeping that money safe and returning it when needed.
A more thorough explanation:
A depository is a place where things are kept safe. When we talk about money, a depository is a place where people put their money to keep it safe. This is usually a bank, savings and loan institution, credit union, or trust company.
Depository can also refer to institutions that hold securities. Securities are things like stocks and bonds that people buy and sell. These institutions help people trade securities and give them advice on how to do it.
For example, if you have some money that you want to keep safe, you can put it in a bank. The bank is a depository because it keeps your money safe. If you want to buy some stocks, you can go to a depository institution that holds securities. They will help you buy the stocks and give you advice on which ones to buy.