Legal Definitions - depositor

A depositor is someone who puts money or other property into a bank account forsafekeeping and convenience. For example, when you put money into your savings account, you are a depositor.

There are different types of deposits:

• Demand deposit: This is money that you can withdraw from your account at any time without telling the bank beforehand.
• Time deposit: This is money that you agree to leave in your account for a certain period of time or that requires you to give the bank notice before you can withdraw it.
• General deposit: This is money that is mixed with other depositors' money in the bank. You have a right to the money, but the bank doesn't have to give you the exact bills or coins you deposited.
• Special deposit: This is money that you deposit for a specific purpose and that the bank keeps separate from other deposits. The bank acts as a trustee for this type of deposit.

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.