Irregular Deposit Law and Legal Definition
Irregular deposit is a deposit in which the depositee is not to return the specific money deposited, but he is to return an equal sum to the depositor. In an irregular deposit, money is deposited in bank for safe keeping, and the depositor receives in its place other money.
The following is an example of a case law referring to irregular deposit:
“When one deposits money with another for safe keeping, the latter to return, not the specific money, but an equal sum, the transaction is also called an irregular deposit.” [Rozelle v. Rhodes, 116 Pa. 129 (Pa. 1887)].
