Legal Definitions - deposit

Definition: The act of giving money or other property to another who promises to preserve it or to use it and return it in kind; especially, the act of placing money in a bank for safety and convenience.

Examples:

• When you rent an apartment, you usually have to pay a security deposit. This is money that the landlord keeps in case you damage the apartment or don't pay your rent.
• When you open a bank account, you usually have to make a deposit. This means you give the bank some money to hold for you. You can take it out later when you need it.
• If you want to buy a house, you usually have to make a deposit to show the seller that you are serious about buying the house. This is called an earnest money deposit.

The examples illustrate the definition of deposit by showing different situations where someone gives money or property to another person or organization for safekeeping or as a sign of commitment. In each example, the person making the deposit expects to get their money or property back at some point in the future.