Definition of Deposit
A deposit is constituted from the moment a person received a thing belonging to another, with the obligation of safely keeping it and of returning the same.
Parties to a contract of deposit 1. Depositor (Depositante) – the party who delivers a thing to another for safekeeping. 2. Depositary (Depositorio) – the party who receives a thing from another with the obligation of safely keeping it and of returning the same.
Characteristics of contract of deposit 1. Real contract – perfected by the delivery of the subject matter. 2. Unilateral (if deposit is gratuitous) – only the depositary has an obligation; or 3. Bilateral (if deposit is onerous) – gives rise to obligation on the part of both parties.
Purpose of the contract
The principal purpose of the contract of deposit is the safekeeping of the thing delivered. If it is only secondary, it is not a contract of deposit but some other contract like lease or commodatum.

Deposit distinguished from mutuum or simple loan | Deposit | Mutuum | Principal purpose | Safekeeping of subject matter | Consumption of the subject matter | Right to demand the return of the subject matter | At will | The lender must wait until the expiration of the period granted to the debtor | Object | Movable/immovable property | Money or other consumable things |

Deposit distinguished from commodatum | Deposit | Commodatum | Principal purpose | Safekeeping of subject matter | Transfer of the use | Characteristic | May be gratuitous | Always and essentially gratuitous | Object | Extrajudicial Deposit –movable (corporeal) only.Judicial Deposit - Movable/immovable property. | Movable/immovable property. |

Binding effect of agreement to deposit
Until there is no delivery, it is merely a consensual agreement to deposit which, however, binding and enforceable upon the parties.