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SUITORS’ DEPOSIT ACCOUNT Definition & Legal Meaning

Definition & Citations:

Formerly suitors in the English court of chancery derived no income from their cash paid iuto court, unless it was invested at their request and risk. Now, however, it is provided by the court of chancery (funds) act, 1872, that all money paid iuto court, and not required by the suitor to be invested, shall be placed on deposit and shall bear interest at two per cent, per annum for the benefit of the suitor entitled to it. Sweet


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