Art.  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. If the  safekeeping  of  the  thing  delivered  is  not  the  principal purpose of the contract, there is no deposit but some other contract. (1758a)
 

WHAT IS DEPOSIT?

     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.  
     If the safekeeping of the thing delivered is not the principal purpose of the contract, there is no deposit but some other contract.
 

CHARACTERISTICS OF THE CONTRACT

1.   It is a real contract since it is perfected by the delivery of the thing deposited
2.   When the contract is gratuitous, it is a  unilateral  contract because  only the depositary has  an  obligation.  But when he  deposit  is  for  compensation,  the  juridical  relation created   becomes   bilateral   because   it   gives   rise   to obligations on both parties
 

SAFEKEEPING   IS   THE   PRINCIPAL   PURPOSE   OF   THE CONTRACT

Art. 1963. An agreement to constitute a deposit is binding, but  the  deposit  itself  is  not  perfected  until  the  delivery  of the thing. (n)
 

BINDING EFFECT OF AGREEMENT TO DEPOSIT

     A  deposit  is  a  real  contract  and  is  perfected  only  by  the delivery of the thing deposited
 
Art.   1964.   A   deposit   may   be   constituted   judicially   or extrajudicially. (1759)
 

CREATION OF DEPOSIT

     Deposit  may  be  created  by  virtue  of  a  court  order  or  by law and not by the will of the parties
 
Art.  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. (1760a)
 

CONTRACT OF DEPOSIT GENERALLY GRATUITOUS

1.   Where  there   is  contrary  stipulation—the   parties  may establish   any   stipulation   that   may   deem   convenient provided  it  is  not  contrary  to  law,  morals,  good  customs, public order and public policy
2.   Where  depositary  engaged  in  the  business  of  storing goods—for compensation and not pure liberality
3.   Where property saved from destruction without knowledge of   the   owner—the   owner   is   bound   to   pay   just compensation
 
Art.  1966.  Only  movable  things  may  be  the  object  of  a deposit. (1761)
 

SUBJECT MATTER OF DEPOSIT

1.   Only personal property may be the subject of extrajudicial deposit
2.   Both  personal  and  real  property  may  be  the  subject  of judicial deposit
 
Art.  1967.  An  extrajudicial  deposit  is  either  voluntary  or necessary. (1762)