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Related to depositary: Depositary bank, Depositary receipt
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DEPOSITARY, contracts. He with whom a deposit is confided or made.
     2. It is, the essence of the contract of deposits that it should be gratuitous on the part 'of the depositary. 9 M. R. 470. Being a bailee without reward, the depositary is bound to slight diligence only, and he is not therefore answerable except for gross neglect. 1 Dane's Abr. c. 17, art. 2. But in every case good faith requires that he should take reasonable care; and what is reasonable care, must materially depend upon the nature and quality of the thing, the circumstances under which it is deposited, and sometimes upon the character and confidence, and particular dealing of the parties. See 14 Serg. & Rawle, 275. The degree of care and diligence is not altered by the fact, that the depositary is the joint owner of the goods with the depositor; for in such a case, if the possessor is guilty of gross negligence, he will still be responsible, in the same manner as a common depositary, having no interest in the thing. Jones' Bailm. 82, 83. As to the care which. a depositary is bound to use, see 2 Ld. Raym. 900, 914; 1 Ld. Raym. 655; 2 Kent's Com. 438; 17 Mass. R. 479, 499; 4 Burr.. 2298; 14 Serg. & Rawle, 275; Jones' Bailm. 8; Story on Bailm. Sec. 63, 64.
     3. The depositary is bound to return the deposit in individuo, and in the same state in which he received it; if it is lost, or injured, or spoiled, by his fraud or gross negligence, he is responsible to the extent of the loss or injury. Jones' Bailm. 36, 46, 120; 17 Mass. R. 479; 2 Hawk. N. Car. R. 145; 1 Dane's Abr. c. 17, art. 1 and 2. He is also bound to restore, not only the thing deposited, but any increase or profits which may have accrued from it; if an animal deposited bear young, the latter are to be delivered to the owner. Story on Bailm. Sec. 99.
     4. In general it may be laid down that a depositary has no, right to use the thing deposited. Bac. Abr. Bailm. D; Jones' Bailm. 81, 82; 1 Dane's Abr. c. 17, art. 11, Sec. 2. But this proposition must be received with many qualifications. There are certain cases, in which the use of the thing may be necessary for the due preservation of the deposit. There are others, again, where it would be mischievous; and others again, where it would be, if not beneficial, at least indifferent. Jones' Bailm. 81, 82; Owen's R. 123, 124; 2 Salk. 522; 2 Kent's Com. 450. The best general rule on the subject, is to consider whether there may or may not be an implied consent, on the part of the owner, to the use. If the use would be for the benefit of the deposit, the assent of the owner may well be presumed; if to his injury, or perilous, it ought not to be presumed; if the use would be indifferent, and other circumstances, do not incline either way, the use may be deemed not allowable. Jones' Bailm. 80, 81; Story on Bailm. Sec. 90; 1 Bouv. Inst. n. 1008, et seq.

References in periodicals archive ?
With an unrivalled commitment to helping securities issuers succeed in the world's rapidly evolving financial markets, the Bank delivers the industry's most comprehensive suite of integrated depositary receipt, corporate trust and stock transfer services.
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Hsieh, the CFO of New Oriental, "With Deutsche Bank as our depositary bank and trusted partner, we will continue our best efforts to make New Oriental Education & Technology Group an attractive investment opportunity for existing as well as new investors"
The Notice of Redemption and related materials will be mailed to holders of the Series C Depositary Shares no later than August 12, 2006.
As previously announced, written notice of the specific terms for the final mandatory redemption, along with a transmittal form, were mailed to registered holders of the depositary shares by Mellon Investor Services LLC (Mellon), the redemption agent, on or about June 15, 2006.
Christopher Sturdy, executive vice president and head of The Bank of New York's Depositary Receipt Division, said, "We are delighted that MOL has decided to broaden its relationship with us.
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Christopher Sturdy, executive vice president of The Bank of New York's Depositary Receipt Division, said, "As the world's largest depositary bank, we have been at the forefront of helping companies in emerging markets access new sources of capital and increase their visibility with global investors.
In addition, the depositary has agreed with the Company and Izasa Distribuciones Tecnicas S.