Short answer. Yes. Article 1968 expressly allows two or more persons who each believe themselves entitled to the same thing to deposit it with a third person, who will deliver it in a proper case to whoever it turns out to belong to. It is a recognised form of voluntary deposit.
What the law says
A deposit may also be made by two or more persons each of whom believes himself entitled to the thing deposited with a third person, who shall deliver it in a proper case to the one to whom it belongs.
Civil Code, Article 1968 — Voluntary Deposit. Read the full provision →
A deposit made by rival claimants
A voluntary deposit is one made by the free will of the depositor, and it usually involves a single owner entrusting his property to another for safekeeping. Article 1968 recognises a second, less obvious situation: A deposit may also be made by two or more persons each of whom believes himself entitled to the thing deposited with a third person, who shall deliver it in a proper case to the one to whom it belongs. So where two of you both claim the same item, the law positively contemplates handing it to a neutral holder rather than leaving one side in possession while the dispute runs.
How the neutral holder's duty works
The third person is not asked to judge who is right. His duty is to keep the thing and then deliver it "in a proper case to the one to whom it belongs" — that is, once entitlement has actually been established, whether by the claimants' own agreement or by a decision that settles the dispute. Until that happens he holds for both and releases to neither. This is what makes the arrangement useful: it takes the item out of the contest, removes the temptation for either side to deal with it unilaterally, and preserves it intact for whoever is ultimately shown to be the owner.
When the holder itself is unsure: interpleader
Article 1968 covers the case where the claimants agree to place the thing with someone. A related situation arises when a person is already holding property — a stakeholder, a debtor, a warehouse — and finds two others pressing conflicting claims to it. Rather than choosing wrongly and being sued by the loser, that holder can turn to interpleader, the procedure that lets him deposit the thing or its value and require the rival claimants to litigate their entitlement among themselves. Both routes share the same instinct: the person in possession should not have to decide the merits of a fight he is not part of.
Put the terms in writing
If you and the other claimant agree to use a neutral holder, set the terms down before you hand anything over. Identify the item, name the holder, and state plainly the event on which it is to be released — a signed settlement between you, or a final decision resolving who owns it. Make clear that the holder stays neutral and is not to release to either of you before that event. A short written arrangement of this kind is what turns "leave it with someone until it is settled" into the deposit Article 1968 protects, and it spares the holder from being drawn into the dispute.