A deposit for exchange transfers to the depository the title to the thing deposited, and creates between him and the depositor the relation of debtor and creditor merely.

Source: CivC 1877, § 1073; CL 1887, § 3697; RCivC 1903, § 1393; RC 1919, § 1016; SDC 1939, § 60.0102 (21).