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Simple English definitions for legal terms
depositary
Read a random definition: Self-declared trust
A quick definition of depositary:
A depositary is a person or a place where you can leave your money or valuable things to keep them safe. It's like a special safe where you can store your important things and know that they will be protected.
A more thorough explanation:
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.