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Credit Trans Notes 01

This document summarizes key aspects of a deposit contract under Philippine law. It defines a deposit as a contract whereby one person receives property belonging to another with an obligation to safely keep it and return it. The document outlines the characteristics of a deposit contract, the parties involved, and the principal obligations of the depositary which include keeping the thing safely, not using it, and returning it to the depositor. It also distinguishes between judicial deposits made pursuant to court order and extrajudicial deposits made voluntarily by agreement of the parties.

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82 views

Credit Trans Notes 01

This document summarizes key aspects of a deposit contract under Philippine law. It defines a deposit as a contract whereby one person receives property belonging to another with an obligation to safely keep it and return it. The document outlines the characteristics of a deposit contract, the parties involved, and the principal obligations of the depositary which include keeping the thing safely, not using it, and returning it to the depositor. It also distinguishes between judicial deposits made pursuant to court order and extrajudicial deposits made voluntarily by agreement of the parties.

Uploaded by

Lara Theresa Sudario
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Credit Trans Notes 01

DEPOSIT
Definition:
Article 1962. A deposit is constituted from the moment a person receives a thing belonging to
another, with the obligation of safely keeping it and of returning the same.
Characteristics:
1. Real contract
2. Unilateral contract
3. Nominate contract
4. Principal contract
5. Informal contract
6. a. Gratuitous contract- the cause is the mere liberality of the depositary
b. Onerous contract- depositary is paid for fees or when the depositary is engaged in the
business of storing goods

GR. A deposit is a gratuitous contract.


EXPN. 1. When there is a contrary stipulation.
2. Where depositary engaged in the business of storing goods.
3. Where property saved from destruction without knowledge of the owner
Object of the contract: GR. Only movable properties
EXPN. Immovable property (sequestration or judicial deposit)

Deposit as a credit transaction


A deposit is a contract of confidence; a contract whereby one person delivers a thing to a
person he trusts, so that the latter can guard the thing until the former demand its return.

Parties to the contract:


a. Depositor
TN. 1. There may be more than one depositor.
2. The depositor need not be the owner of the thing deposited.
b. Depositary

TN: Safekeeping is the principal purpose of the contract. If safekeeping is only an accessory
obligation, deposit is not constituted but some other contract like lease, commodatum or agency.

Extinguishment of Deposit
1. General modes for the extinguishment except compensation
2. Loss or destruction of the thing
3. Death of either the depositor or depositary
4. Return of the thing by the depositor
Kinds of Deposit

1. Judicial- takes place when attachement or seizure of property in litigation is ordered.


Subject matter: may cover movable as well as immovable property

2. Extra-judicial
a. Voluntary- delivery is made by the will of the depositor or by two or more
persons
b. Necessary- made in compliance with a legal obligation, or on the occasion of
any calamity, or by travellers in hotels and inns, or by travellers with common
carriers
Subject matter: only movable or personal property

Voluntary- The depositor has complete freedom in choosing the depositary


Involuntary- There is lack of free choice in the depositor.
TN: Article 1966 does not embrace incorporeal or intangible property. By reason of its
incorporeality, it is not susceptible of custody in tangible sense.

Judicial and Extrajudical deposits distinguished

Judicial Extrajudicial
Cause or origin will of the court will of the parties
Purpose as security and to secure the custody and sakekeeping of
right of a party to recover in the thing
case of favorable judgement
Subject matter either movable or immovable only movable property
Remuneration always renumerated maybe compensated or not,
(onerous) but generally gratuitous
In whose behalf it is held in behalf of the person who, in behalf of the depositor or
by the judgement, has a right third person deposited
Termination when the controversy whch when the depositor claims
gave rise to the deposit has back the thing which is then
come to an end returned to the depositor

VOLUNTARY DEPOSIT

A voluntary deposit is one wherein the delivery is made by the will of the depositor.

TN: Where there are several depositors- the third person assumes the obligation to deliver to the
one to whom it belongs. In case of conflict, interpleader.

Depositary Capacitated and Depositor Incapacitated

1. Depositary is subject to all the obligations of a depositary WON the depositor is


incapacitated.
2. To whom does the property to be returned?
a. Legal representative of the incapacitated
b. Depositor himself if he should acquire capacity

Status of the contract: voidable and unenforceable

Depositary incapacitated and Depositor capacitated

GR. The incapacitated depositary does not incur the obligation of a depositary.
EXPN. He is liable to:
1. Return the thig deposited while still in his possession
2. If the thing deposited is no longer in his possession, to pay the depositor the amount by
which he may benefited

PRINCIPAL OBLIGATIONS OF THE DEPOSITARY

A. The obligation to keep the thing


B. The obligation to not use the thing
C. The obligation to return the thing

A. The obligation TO KEEP the thing

1. The obligation to keep the thing safely;

Degree of care
a. agreed upon
b. in the absence of which, higher-compensation
lower- gratuitous
c. ordinarily, same diligence as he would exercise over his property

2. The obligation to not deposit the thing with a third person;


EXPN. If such is necessary for the preservation of the thing

TN: Custody is personal

3. The obligation to not change the way of the deposit;


EXPN. If there are instances indicating that the depositor would consent to the
change

4. The obligation to collect interest on certificates when they become due and preserve
the value of securities;

Contract for rent of safety deposit boxes- special kind of deposit

5. The obligation not to commingle grain and other articles


EXPN. If they are of the same kind and quality- various depositors shall own the
entire mass in common and each depositor shall be entitled to such portion of the
entire mass as the amount deposited by him bears the whole

B. The obligation TO NOT USE the thing


EXPN. Where such is necessary for its preservation; burden is on the depositary to prove
that permission has been given.

TN. The permission to use is not presumed.


If permission is given,
a. Non-consumable thing- become a contract of commodatum unless safekeeping is the
primary cause
b. Consumable thing- converts the contract to mutuum; but if seakeeping is still the
primary cause, it is still a deposit but an irregular one.

Irregular Deposit Mutuum


may be demanded at will cannot seek restitution until the time for
payment
only benefit is that which accrues to the necessity of the borrower (if with
depositor stipulation to pay interest, benefit of
both parties.)
depositor has preference over creditors creditors enjoy no preference in the
with respect to the thing deposited distribution of the debtor’s property.

Relation between bank and depositor

C. The obligation TO RETURN the thing


1. The obligation to return the thing with all its products, accessions and accessories
2. The obligation to return the thing closed and sealed if delivered in such condition
except in certain instances
Obligation to return:

1. What must be returned?


GR. The depositary must return the things received, together with all its products,
accessories and accessions.
EXPN.
a. If the depositary was not prohibited from comingling, then the depositary must return
an article of the same kind and quality.
b. If the thing is lost by force majeure, he must deliver the sum of money or other thing
received to the depositor.
EXPN to the EXPN.
i. If it is so stipulated;
ii. If he uses the thing without depositor’s permission;
iii. If he delays its return;
iv. If he allows others to use it, even though he himself may have been authorized to
use the same.
c. If through mistake of an heir, he is only bound to return the price he may have
received.

2. To whom returned-
a. Depositor, heirs, successors, person who may have been designated in the contract

Can the depositor terminate the designation?


If the clause was established for the benefit of the depositor-YES
If for the benefit of the party named- NO

b. When there are two or more depositors


i. Not solidary and admits of division- each one cannot demand more than his
share
ii. Solidary- may deliver the thing to any one of the solidary depositors

3. When? Upon demand


4. Where? GR. At the place designated
In the absence of such stipulation, at the place where the thing deposited might be
even if it should not be the same place provided that the transfer was
accomplished without malice

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