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Contrato de Depósito y Mandato

English translation: Deposit and Agency Agreement

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GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
Spanish term or phrase:Contrato de Depósito y Mandato
English translation:Deposit and Agency Agreement
Entered by: Terejimenez
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22:12 Apr 2, 2007
Spanish to English translations [PRO]
Law: Contract(s)
Spanish term or phrase: Contrato de Depósito y Mandato
Contrato en el que el Depositante/Mandante autoriza al Depositario/Mandatario para que reciba unos fondos y los utilice para cubrir los gastos indicados.
Terejimenez
Local time: 21:26
Deposit and Agency Agreement
Explanation:
From the context provided, this is an agreement to deposit MONEY with a given party to be used to cover certain expenses ("para que reciba unos fondos y los utilice para cubrir los gastos indicados"). Therefore, this agreement cannot accurately be called a "bailment agreement" since by definition "bailment" is the "delivery of PERSONAL PROPERTY (i.e., bienes muebles, no fondos) by one person (the "bailor") to another (the "bailee") who holds the property under and express or implied-in-fact contract". (Black's Law Dictionary, 8th ed, 2004).

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Note added at 1 day14 hrs (2007-04-04 12:56:41 GMT)
--------------------------------------------------

To address Wm's observation:

In this specific context (the deposit of money) this type of agreement cannot be called a bailment, since by definition a bailment ONLY involves the deposit (delivery) of personal property (bienes muebles), i.e., goods (mercancías)

I think it is important here not to confuse a deposit of money with a bailment, which is the delivery (or deposit) of personal property (bienes muebles) with another person, i.e., the deposit of goods, not money.

In addition to the defiinition I posted above from Black's Law Dictionary, here are several additional definitions of bailment in which it is evident that bailment is the delivery/deposit of personal property (goods) and not money:

"Bailment-The transfer of possession but not ownership of personal property (as goods) for a limited time or specific purpose (as transportation) such that the individual or business entity taking possession is liable to some extent for loss or damage to the property" (Merriam-Webster's Dictionary of Law, 1996)

"Bailment-The transfer of possession of goods by the owner (the bailor) to another (the bailee) for a particular purpose. Examples of bailments are the hiring of goods, the loan of goods, the pledge of goods, and the delivery of goods for carriage, safe custody or repair." (Oxford Dictionary of Law, 5th ed., 2002)

"Bailment-The delivery of goods by one person (the bailor) to another (the bailee) so that they may be used for some specified purpose, upon a condition that they shall be redelivered by the bailee to, or in accordance with specified directions of, the bailor, or kept until he reclaims them. Examples: deposit of goods in a railway luggage office; pawning of goods." (L.B. Curzon. Dictionary of Law, 6th ed., Pearson-Longman, 2002)

"A bailment is formed by the delivery of personal property, without transfer of title, by one person, called a bailor, to another, called a bailee, usually under an agreement for a particular purpose (for example, for storage, repair or transportation). On completion of the purpose, the bailee is obligated to return the bailed property to the bailor or to a third person or to dispose of it as directed." (Miller, Jentz "Business Law Today", 5th ed., West Publishing, 2000.)

"A bailment occurs whenever one person places personal property in the possession of another person without intending to transfer title to that person. For example, a bailment occurs when someone leaves a car with an auto repair shop to be fixed, or loans a lawnmower to a neighbor, or takes care of a friend's goldfish for a week. (Gordon W. Brown. "Legal Terminology", 3rd ed., Prentice Hall, 1998)

--------------------------------------------------
Note added at 2 days10 hrs (2007-04-05 08:34:15 GMT)
--------------------------------------------------

To add a final comment to Wm's observations:

I agree that money is considered personal property in certain cases, i.e., when treating wills, estates, etc. But if you will look at university business school and law school textbooks (such as the famous Miller/Jentz textbook quoted above) and at trade usage, you will see that "bailment" is studied, used and defined as the delivery of GOODS/PROPERTY for whatever purpose. The expression "bailment of money" is an exception, not the rule (18 hits in Google for "bailment of money").

As an illustration of the above, if you Google "bailment agreement" you will find 15,800 hits, most of them being the texts of actual bailment agreements (used in trade, not academic definitions). And if you open them one by one (I've viewed the first 50 or so) you will see that they all concern the transfer of GOODS/PROPERTY, rather than money. If you wish to understand "bailment" as the "deposit of money" that is fine, but I believe this would prompt a miscue in 99% of the cases since (once again) "bailment" is by definition the delivery of goods, not the deposit of money.

--------------------------------------------------
Note added at 2 days10 hrs (2007-04-05 08:44:39 GMT)
--------------------------------------------------

P.S.
The 477,000 googles for "deposit agreement" do, however, involve the deposit of money for one purpose or another.
Selected response from:

Rebecca Jowers
Spain
Local time: 04:26
Grading comment
Muchas gracias a Rebecca y a los demás colegas por sus valiosos aportes. Estaba dudando desde el principio en usar la palabra "bailment".
4 KudoZ points were awarded for this answer

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Summary of answers provided
5 +1bailment and mandate agreement / contract
Ana Brassara
5Bailment and Agency AgreementxxxWm Steinmetz
5Deposit and Agency AgreementRebecca Jowers
4 -1escrow account
esing


  

Answers


11 mins   confidence: Answerer confidence 5/5 peer agreement (net): +1
bailment and mandate agreement / contract


Explanation:
Ahora sí.

Ana Brassara
Local time: 23:26
Specializes in field
Native speaker of: Native in SpanishSpanish
PRO pts in category: 331

Peer comments on this answer (and responses from the answerer)
neutral  xxxWm Steinmetz: I'd avoid the word "mandate" - see http://www.proz.com/kudoz/501358
13 hrs

agree  MikeGarcia
16 hrs

neutral  Rebecca Jowers: I believe you will see that this does not refer to a bailment agreement. (Please see my comment.)
21 hrs
Login to enter a peer comment (or grade)

9 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): -1
escrow account


Explanation:
looks like

--------------------------------------------------
Note added at 9 hrs (2007-04-03 08:04:58 GMT)
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A lending bank receives the client's receivables and allows utilisation of funds by the borrower to meet certain limited types of expenses.

esing
India
Local time: 07:56
Specializes in field
Native speaker of: Native in TamilTamil
PRO pts in category: 38

Peer comments on this answer (and responses from the answerer)
disagree  xxxWm Steinmetz: not an "account" - it's an agreement
3 hrs
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13 hrs   confidence: Answerer confidence 5/5
Bailment and Agency Agreement


Explanation:
This is what I'd call it.

I think the term "mandate" is a bit misleading in English.


--------------------------------------------------
Note added at 1 day14 hrs (2007-04-04 13:07:18 GMT)
--------------------------------------------------

As for bailment vs. deposit (or even escrow), after seeing Rebecca's comment I noticed that we are talking about money ("fondos"). In this case, "Deposit and Agency Agreement" might be more accurate.

But it is also accurate to speak of a bailment of money, which is in fact classified as personal property. One very possible definition of "deposit" is a "bailment of money to be used for xxx". The terms are not really mutually exclusive, and the "correct" term may also depend on what the depositee or bailee will do with the funds, the underlying purpose of the agreement, and the jurisdiction in which it will be valid. FWIW, the term "escrow" might also be used here.

See (a few conflicting usages):

http://law.bepress.com/cgi/viewcontent.cgi?article=1534&cont...
"bailment of the customer’s money"

http://transportpros.org/articles.html
Hargis v. Spencer, 254 Ky. 297, 71 S.W.2d 666, 667 (Ky. Ct. App. 1734) (recognizing that there can be bailment of money). As a bailee, the Debtor lacked any property interest in Contech's money. ... The fact that a bailee, which has a possessory interest in the property entrusted to him, but no legal or equitable interest, may commingle the funds his clients entrust to him does not give the bailee any property interest in the funds.

http://www.14thcoa.courts.state.tx.us/case/opinions/011002/0...
An action for conversion of money will lie if it is delivered for safe-keeping, the keeper claims no title, and the money is required and intended to be kept segregated and substantially in the form in which it was received or as an intact fund. Estate of Townes v.
Townes, 867 S.W.2d 414, 419-20 (Tex. App.—Houston [14 Dist.] 1993, writ denied). Money that is deposited in a bank under a special deposit agreement having the characteristics of a bailment contract may be the subject of a conversion action, as can
money which constitutes a trust when, with knowledge of its character, it is applied by the bank in which it is held in trust to reduce the debt of the depositor to the bank. 44 A.L.R. 927, 941 (1955).

Some people even use the term bailment/deposit interchangeably.
http://www.clrc.ca.gov/pub/Printed-Reports/Pub178-1993AR.pdf
"By permitting an attorney to transfer a document to another depositary, Section 732 departs from the common law of bailments under which a depositary ordinarily has no authority to transfer the property to someone else. See 8 Am. Jur. 2d Bailments § 97 (1980)."


--------------------------------------------------
Note added at 1 day16 hrs (2007-04-04 14:29:56 GMT)
--------------------------------------------------

As for money being included in the definition of personal property or mov(e)able property, see:

http://en.wikipedia.org/wiki/Personal_property
Personal property may be classified in a variety of ways, such as money, negotiable instruments, securities, goods, and intangible assets including chose in action.

From a tax standpoint:
http://www.bancorio.com.ar/individuos/ayuda_impuestos_2006/t...
"Impuesto sobre los Bienes Personales. (...) Se consideran alcanzados por el impuesto los siguientes bienes situados en el país: El *dinero* y los depósitos en dinero al 31 de diciembre de cada año"

From Uruguay's Civil Code:
http://www.parlamento.gub.uy/Codigos/CodigoCivil/1996/l2T1.h...
Muebles son las cosas que pueden transportarse de un lugar a otro, sea moviéndose ellas por sí mismas como los animales ( que por eso se llaman semovientes), sea por medio de una fuerza externa, como las cosas inanimadas. (...) Cuando se use de la expresión de muebles sólo o muebles de una casa, no se comprenderá el dinero, los documentos, las colecciones, los libros, las armas, las ropas, los carruajes ni en general otras cosas que las que corresponden al ajuar de la casa. (...) [L]a hipoteca, puesto que tiene por objeto una cantidad de dinero, es mueble."

***

Note that I'm not trying to defend the exclusive use of the term "bailment" in this specific case (but I could if I had the inclination). I'm simply trying to point out that the legal definition of bailment, as understood by courts, codes and scholars (not necessarily mainstream dictionaries), can and often does include a deposit of money.

Also, the "depositum" (Sp: "depósito") of the Civil Law (Black's, def. No. 5) was: "[a] contract by which a depositor delivers a thing to a depositary for safekeeping. La. Civ. Code arts. 2926, 2929." Nothing more than a bailment.

Black's itself uses the word bailee in the definition of "deposit" and "depositary".

The key here is that personal property is being delivered (money), for use in a prescribed manner (safekeeping and proper disbursement), *without transfer of title*. Both "bailment" and "deposit" meet these criteria according to all published definitions cited on this page.

Of course, if we were talking about a security deposit, or down-payment of some sort in relation to a loan, then there would be no other alternative but "deposit" and bailment would definitely not apply.


    Reference: http://sec.edgar-online.com/1996/09/30/00/0000912057-96-0214...
xxxWm Steinmetz
Brazil
Local time: 23:26
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 16

Peer comments on this answer (and responses from the answerer)
neutral  Rebecca Jowers: I believe you will see that this does not refer to a bailment agreement. Please see my comment.
7 hrs
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21 hrs   confidence: Answerer confidence 5/5
Deposit and Agency Agreement


Explanation:
From the context provided, this is an agreement to deposit MONEY with a given party to be used to cover certain expenses ("para que reciba unos fondos y los utilice para cubrir los gastos indicados"). Therefore, this agreement cannot accurately be called a "bailment agreement" since by definition "bailment" is the "delivery of PERSONAL PROPERTY (i.e., bienes muebles, no fondos) by one person (the "bailor") to another (the "bailee") who holds the property under and express or implied-in-fact contract". (Black's Law Dictionary, 8th ed, 2004).

--------------------------------------------------
Note added at 1 day14 hrs (2007-04-04 12:56:41 GMT)
--------------------------------------------------

To address Wm's observation:

In this specific context (the deposit of money) this type of agreement cannot be called a bailment, since by definition a bailment ONLY involves the deposit (delivery) of personal property (bienes muebles), i.e., goods (mercancías)

I think it is important here not to confuse a deposit of money with a bailment, which is the delivery (or deposit) of personal property (bienes muebles) with another person, i.e., the deposit of goods, not money.

In addition to the defiinition I posted above from Black's Law Dictionary, here are several additional definitions of bailment in which it is evident that bailment is the delivery/deposit of personal property (goods) and not money:

"Bailment-The transfer of possession but not ownership of personal property (as goods) for a limited time or specific purpose (as transportation) such that the individual or business entity taking possession is liable to some extent for loss or damage to the property" (Merriam-Webster's Dictionary of Law, 1996)

"Bailment-The transfer of possession of goods by the owner (the bailor) to another (the bailee) for a particular purpose. Examples of bailments are the hiring of goods, the loan of goods, the pledge of goods, and the delivery of goods for carriage, safe custody or repair." (Oxford Dictionary of Law, 5th ed., 2002)

"Bailment-The delivery of goods by one person (the bailor) to another (the bailee) so that they may be used for some specified purpose, upon a condition that they shall be redelivered by the bailee to, or in accordance with specified directions of, the bailor, or kept until he reclaims them. Examples: deposit of goods in a railway luggage office; pawning of goods." (L.B. Curzon. Dictionary of Law, 6th ed., Pearson-Longman, 2002)

"A bailment is formed by the delivery of personal property, without transfer of title, by one person, called a bailor, to another, called a bailee, usually under an agreement for a particular purpose (for example, for storage, repair or transportation). On completion of the purpose, the bailee is obligated to return the bailed property to the bailor or to a third person or to dispose of it as directed." (Miller, Jentz "Business Law Today", 5th ed., West Publishing, 2000.)

"A bailment occurs whenever one person places personal property in the possession of another person without intending to transfer title to that person. For example, a bailment occurs when someone leaves a car with an auto repair shop to be fixed, or loans a lawnmower to a neighbor, or takes care of a friend's goldfish for a week. (Gordon W. Brown. "Legal Terminology", 3rd ed., Prentice Hall, 1998)

--------------------------------------------------
Note added at 2 days10 hrs (2007-04-05 08:34:15 GMT)
--------------------------------------------------

To add a final comment to Wm's observations:

I agree that money is considered personal property in certain cases, i.e., when treating wills, estates, etc. But if you will look at university business school and law school textbooks (such as the famous Miller/Jentz textbook quoted above) and at trade usage, you will see that "bailment" is studied, used and defined as the delivery of GOODS/PROPERTY for whatever purpose. The expression "bailment of money" is an exception, not the rule (18 hits in Google for "bailment of money").

As an illustration of the above, if you Google "bailment agreement" you will find 15,800 hits, most of them being the texts of actual bailment agreements (used in trade, not academic definitions). And if you open them one by one (I've viewed the first 50 or so) you will see that they all concern the transfer of GOODS/PROPERTY, rather than money. If you wish to understand "bailment" as the "deposit of money" that is fine, but I believe this would prompt a miscue in 99% of the cases since (once again) "bailment" is by definition the delivery of goods, not the deposit of money.

--------------------------------------------------
Note added at 2 days10 hrs (2007-04-05 08:44:39 GMT)
--------------------------------------------------

P.S.
The 477,000 googles for "deposit agreement" do, however, involve the deposit of money for one purpose or another.

Rebecca Jowers
Spain
Local time: 04:26
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 770
Grading comment
Muchas gracias a Rebecca y a los demás colegas por sus valiosos aportes. Estaba dudando desde el principio en usar la palabra "bailment".

Peer comments on this answer (and responses from the answerer)
neutral  xxxWm Steinmetz: Yes, "deposit" is more precise, but it can accurately be called a bailment, too!
16 hrs
  -> No, I believe you will see that this cannot properly be called a bailment since by definition bailment involves deposit (delivery) of personal property/goods (bienes muebles/mercancías) and this text refers to the deposit of money (see my comments above)
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