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Credit Transaction Report - Group 1
Credit Transaction Report - Group 1
(ARTICLE 1962-1967)
Principal Purpose:
SAFEKEEPING and returning of the same
Take note!!
If “safekeeping is not the
principal purpose it may be:
1. Commodatum;
2. Lease; or
3. Agency.
6 CHARACTERISTICS OF DEPOSIT
CHARACTERISTICS OF DEPOSIT
1. Real Contract- perfected by the delivery of the subject matter
Article 1963- An agreement to constitute a deposit is binding,
but the deposit itself is not perfected until the delivery of the thing.
2. Unilateral- when deposit is gratuitous, because only the depository has an obligation
Note: It becomes bilateral if COMPENSATION IS PAID because it gives rise to obligations on
the part of both the depositary and depositor.
6. Gratuitous- the bailee does not pay the bailor for the use of the thing.
Deposit vs. Mutuum
As to purpose
• For safekeeping or custody. • For consumption.
As to subject matter
• Movable/corporeal things only
in case of extrajudicial deposit.
• Money or fungible things.
Any property in case of
judicial deposit.
As to relationship
• Depositor and depositary. • Creditor and borrower.
As to compensation
• Generally gratuitous, except by
mutual agreement or
depository is engaged in • May be gratuitous or with
storing goods. stipulation to pay interest.
As to time of return
• Depositor can demand the • The lender must wait until the
return of the subject matterl at expiration of the period
will. granted to the debtor.
Deposit vs. Commodatum
As to purpose
• For safekeeping. • For transfer of the use.
As to time of return
As to subject matter
• Movable/corporeal things only in
case of extrajudicial deposit. Any • Both movable and immovable may
property in case of judicial deposit. be the object.
As to compensation
• May be gratuitous. • Essentially and always gratuitous.
Article 1963. An agreement to constitute a deposit is binding, but the deposit
itself is not perfected until the delivery of the thing. (n)
Note: A deposit may be created by virtue of a court order or by law and not by the will of the parties.
This is the reason why the Code employs the word “constituted” in defining and classifying deposit.
In deposit, it is essential that the depositary is not the owner of the property deposited.
Kinds of deposit.
1. Judicial
2. Extrajudicial (Art. 1967)
a. voluntary
b. necessary
Judicial vs. Extra-judicial
Deposit
As to creation
• Will of the court • Will of the parties or contract.
As to purpose
• Insures the right of a party to • Custody and safekeeping of the
property or to recover in case of thing deposited.
favorable judgment.
As to subject matter
• May cover movable and immovable
• Movables only.
property.
As to cause
• Always onerous • Generally gratuitous
As to time of return
• Upon order of the court or when
litigation is ended. • Upon demand of depositor
As to in whose behalf if it is held
• Person has a right. • Depositor
Article 1965. A deposit is a gratuitous contract, except when
there is an agreement to the contrary, or unless the
depositary is engaged in the business of storing goods.