KFLCC Kingdom Law 2nd Ed.

117

BANK

BANKING

155.—Bank-book. A book kept by a customer of a bank, showing the state of MB account with it.—Bank-check. See CHECK.—Bank credits. Accommodations allowed to a person on security given to a bank, to draw money on it to a certain extent agreed upon.—Bank note. A promissory note issued by a bank or authorized banker, payable to bearer on demand, and intended to circulate as money. Same as BANK-BILL, supra. —Bank of issue. One au thorized by law to issue its own notes intended to circulate as money. Bank v. Gruber, 87 Pa. 471, 30 Am. Rep. 378.—Bank-stock. Shares in the capital of a bank; shares in the property of a bank.—Bank teller. S«e TELLER.— Joint-stock banks. In English law. Joint stock companies for the purpose of banking. They are regulated, according to tine date of their incorporation, by charter, or by 7 Geo. IV. c. 46; 7 & 8 Vict cc. 32, 113; 9 & 10 Vict c. 45, (in Scotland and Ireland;) 20 & 21 Vict c 49; and 27 & 28 Vict. c. 32; or by the "Joint-Stock Companies Act, 1862," (25 & 26 Vict. c. 89.) Wharton.—Savings bank. An institution in the nature of a bank, formed or established for the purpose of receiving de posits of money, for the benefit of the persons depositing, to accumulate the produce of so much thereof as shall not be required by the depositors, their executors or administrators, at compound interest, and to return the whole or any part of such deposit, and the produce there of, to the depositors, their executors or admin istrators, deducting out of such produce so much as shall be required for the necessary expenses attending the management of such institution, but deriving no benefit whatever from any such deposit or the produce thereof. Grant, Banks, 546; Johnson v. Ward, 2 111. App. 274; Com. v. Reading Sav. Bank. 133 Mass. 16, 19, 43 Am. Rep. 495; National Bank of Redemption v. Boston, 125 U. S. 60, 8 Sup. Ct 772, 31 L. Ed. 689; Barrett v. Bloomfield Sav. Inst, 64 N. J. Eq. 425, 54 Atl. 543. BANKABLE. In mercantile law. Notes, checks, bank-bills, drafts, and other securi ties for money, received as cash by the banks. Such commercial paper as is consid ered worthy of discount by the bank to which it is offered is termed "bankable." Allis Co. v. Power Co., 9 S. D. 459, 70 N. W. 65a BANKER. A private person who keeps a bank; one who is engaged in the business of banking. People v. Doty, 80 N. Y. 228; Auten v. Bank, 174 U. S. 125, 19 Sup. Ct 628, 43 L. Ed. 920; Richmond v. Blake, 132 U. S. 592, 10 Sup. Ct. 204, 33 L. Ed. 481; Meadowcroft v. People, 163 111. 56, 45 N. E. 303, 35 L. R. A. 176, 54 Am. St Rep. 447. A commercial in strument resembling a bank-note in every particular except that it is given by a private banker or unincorporated banking institu tion. BANKEROUT. O. Eng. Bankrupt; in solvent; indebted beyond the means of pay ment The business of receiving money on deposit, loaning money, discount ing notes, issuing notes for circulation, col lecting money on notes deposited, negotiating bills, etc. Bank v. Turner, 154 Ind. 456, 57 N. E. 110. See BANK; BANKEB. BANKER'S NOTE. BANKING.

purpose of hearing arguments on demurrers, points reserved, motions for new trial, etc., as distingished from the sitting of a single Judge at the assises or at nisi prius and from trials at bar. But, in this sense, banc is the more usual form of the word. 2. An institution, of great value in the commercial world, empowered to receive de posits of money, to make loans, and to issue its promissory notes, (designed to circulate as money, and commonly called "bank-notes" or "bank-bills,") or to perform any one or more of these functions. The term "bank" is usually restricted in Its application to an incorporated body; while a private individual making it his business to conduct banking operations is denominat ed a "banker." Hobbs v. Bank, 101 Fed. 75, 41 C. C. A. 205; Kiggins v. Munday, 19 Wash. 233, 52 Pac. 855; Rominger v. Keyes, 73 Ind. 377; Oulton v. Loan Soc, 17 Wall. 117, 21 L. Ed. 618; Hamilton Nat Bank v. American L. & T. Co.. 66 Neb. 67, 92 N. W. 190; Wells, Fargo & Co. v. Northern Pac. R. Co. (C. C.) 23 Fed. 469. Also the house or place where such busi aess is carried on. Banks in the commercial sense are of three kinds, to-wit: (1) Of deposit; (2) of dis count; (3) of circulation. Strictly speaking, the term "bank" implies a place for the de posit of money, as that is the most obvious purpose of such an institution. Originally the business of banking consisted only in re ceiving deposits, such as bullion, plate, and the like, for safe-keeping until the depositor should see fit to draw it out for use, but the business, in the progress of events, was ex tended, and bankers assumed to discount 3ills and notes, and to loan money upon mort gage, pawn, or other security, and, at a still later period, to issue notes of their own, in tended as a circulating currency and a medi um of exchange, instead of gold and silver. Modern bankers frequently exercise any two )r even all three of those functions, but it is still true that an institution prohibited from sxercising any more than one of those func tions is a bank, in the strictest commercial jense. Oulton v. German Sav. & L. Soc, 17 Wall. 118, 21 L. Ed. 618; Rev. St U. S. $ $407 (U. S. Comp. St 1901, p. 2246). 3. An acclivity; an elevation or mound of jarth; usually applied in this sense to the raised earth bordering the sides of a water jourse. —Bank-account. A sum of money placed with a bank or banker, on deposit, by a cus tomer, and subject to be drawn out on the lat ter's check. The statement or computation of the several sums deposited and those drawn out by the customer on checks, entered on the books »f the bank and the depositor's pass-book. Gale r. Drake, 51 N. H. 84.—Bank-bill. A prom issory note issued by a bank, payable to the t>earer on demand, and designed to circulate as money. Townsend v. People, 4 111. 328; Low v. People, 2 Park. Cr. R. (N. Y.) 37. State v. Hays, 21 Ind. 176; State v. Wilkins, 17 VL