Deposit Agreement
/ˈdɛpə.zɪt əˈɡriː.mənt/
Definitions
- (n.) A contractual arrangement whereby one party agrees to hold funds or property for another under specified conditions.
The parties entered into a deposit agreement to secure the earnest money until closing.
- (n.) A written agreement governing terms for deposits in banking, including rights and obligations of depositor and institution.
Before opening the account, she reviewed the bank’s deposit agreement outlining fees and withdrawal terms.
Forms
- deposit agreement
- deposit agreements
Related terms
See also
Commentary
Deposit agreements often delineate fiduciary responsibilities and conditions for return or use of the deposited asset; drafters should specify terms precisely to avoid disputes over ownership and access.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.