The deposit agreement is one of the most common agreements in daily life, but it is often underestimated. This is a contract through which a person (the depositor) entrusts the custody of an asset to another person (the depositary), who undertakes to keep it and return it at the requested time. In this article we will see in detail the parties involved, the characteristics, the obligations and the duration of the deposit agreement
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Table of Contents:
What is the deposit agreement
The deposit agreement is governed by Article 1766 of the Italian Civil Code. This type of contract may concern any movable or immovable property that is not commercial in nature and that is susceptible to custody. The deposit can be free or onerous, depending on whether or not the depositor is required to pay an amount of money to the depositor. For the validity of the deposit agreement, it is not necessary for the deposited asset to be owned by the depositor: it can be a third-party asset or even of illicit origin, as long as the depositor is not aware of it. In any case, the depositary cannot oppose the depositor’s request for the return of the asset
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The parties involved in the deposit agreement
The deposit agreement involves two parties: the depositor and the depositary. The depositor is the person who entrusts the asset in custody to the depositary. It can be both a natural person and a legal person, that is, a company or a company. The depositary, on the other hand, is the person who undertakes to keep the asset and to return it to the depositor at the requested time. The depositary can also be a natural or legal person. In the event that the depositary is a company, we speak of a bank deposit. In this case, the depositary is the bank that undertakes to keep the depositor’s money and to guarantee its return at the requested time
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The characteristics of the deposit agreement
The deposit agreement has some specific characteristics. First of all, it is a real contract, that is, it is concluded with the delivery of the asset by the depositor to the depositary. In addition, the deposit agreement is a contract free of charge, unless compensation is provided by the depositor to the depositary. The depositary must keep the deposited asset with the same diligence with which he keeps his assets. In the event of loss, deterioration or theft of the asset, the depositary is responsible for the damage caused to the depositor, unless he can prove that he has acted with the utmost diligence. Finally, the depositor has the right to request the return of the asset at any time
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The obligations of the parties to the deposit agreement
In the deposit agreement, the depositor is obliged to deliver the asset to the depositary and to communicate to him all the information necessary for its proper conservation. In addition, the depositor has the right to request the return of the asset at any time. The depositary, on the other hand, has the obligation to keep the deposited asset with the utmost diligence and to return it at the time requested by the depositor. In the event that the depositary is a company, such as a bank, it has the obligation to return the amount deposited to the depositor, with the interest established, at the time of the return request. In the event of non-return of the property, the depositor has the right to go to the court to obtain the forced return of the property and compensation for the damage suffered
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The duration and termination of the deposit agreement
The deposit agreement may have a fixed or indefinite duration. In the case of a term deposit, the contract has a fixed deadline and the depositary is obliged to return the asset to the depositor when it expires. In the case of a cash deposit, on the other hand, the contract has an indefinite duration and the depositor can request the return of the asset at any time. The deposit agreement can be terminated at any time by both parties. The depositor may request the return of the asset and the depositary is obliged to return it immediately. Likewise, the depositary may return the asset to the depositor if there is a cause of termination provided for by the contract or by law
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In conclusion, the deposit agreement is a very common agreement in daily life, which allows you to entrust the custody of an asset to another person or institution. Compliance with the obligations and the characteristics of the contract is essential for the protection of the rights of the parties involved. It is important, therefore, to know the rules that govern this type of contract to avoid any problems or disputes
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