Short answer. The agreement to deposit is binding the moment you both consent, but the deposit itself is not perfected until you physically hand over the valuables. The depositary's duty to keep and return the item — and all liability for its safekeeping — begins only at actual delivery, not at the moment of agreement.
What the law says
An agreement to constitute a deposit is binding, but the deposit itself is not perfected until the delivery of the thing.
Civil Code, Article 1963 — Deposit Perfected by Delivery. Read the full provision →
Two separate legal moments
Article 1963 draws a clean distinction between two things that can feel like one event: the agreement to deposit and the deposit itself. The agreement is binding the moment both parties consent — you promised to bring the valuables, the other person promised to keep them. That promise is enforceable. But the deposit is not perfected until delivery. Perfection is the point at which the contract produces its full legal effects — particularly the depositary's duty to keep the item safely and return it on demand.
What 'binding but not perfected' means in practice
Because the agreement is already binding, either party could theoretically be held liable for damages if they walk away without good cause before delivery. If you agreed to bring your jewelry for safekeeping and the depositary refused you when you arrived, they may have breached the agreement. Conversely, if you agreed and then decided not to hand over the items at all, the other party might claim they turned away other opportunities in reliance on the arrangement. The key point is that the agreement is not merely an intention — it creates legal obligations, even before the item changes hands.
When the depositary's safekeeping duties start
The depositary's full set of obligations — keeping the item safely, not using it without permission, returning it on demand, and being liable for loss — begins only at the moment of actual delivery. Before you hand over the valuables, the depositary has no item to keep and cannot be held responsible for its condition. This also means you retain full ownership and control over the item in the meantime: if it is damaged or stolen before delivery, the depositary is not involved in that loss.
Practical advice
If your arrangement has not yet reached the delivery stage, now is a good time to confirm the terms in writing — what is being deposited, any agreed period, whether there is compensation, and how the item will be returned. A brief written record of what you handed over, signed by both parties at the moment of delivery, reduces disputes later about whether the deposit was perfected and in what condition the item was received. This is especially worth doing for valuables, documents, or items whose condition at handover will matter.