Legal Definitions - depositary

A depositary is a person or institution that you trust to keep your money or valuable items safe. For example, a bank is a depositary where you can keep your money in a savings account. Another example is a safe-deposit company where you can store your valuable items like jewelry or important documents.

• John left his jewelry with a safe-deposit company as he was going on a long vacation.
• The company's profits were deposited in a bank account, and the bank acted as the depositary for the funds.

The first example illustrates how a safe-deposit company can act as a depositary for valuable items. The second example shows how a bank can act as a depositary for a company's funds.