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tion the customers of the banks are not parties, and they are not in a situation to claim the benefit of them, nor are they liable to be affected by them.20 A bank which is not a member may, however, employ a bank which is a member to clear for it, and when such a contract is entered into with reference to the rules the rights and obligations of the parties are subject to the rules.21 Thus where, in accordance with the rules of the New York clearing house, an agreement was made between a member and a non-member of the association, the latter depos

was closed before the clearing house settlement was adjusted, and the drawee, a member, was called on by the clearing house to pay to it the amount of the draft, this was not payment of the draft. It was also singularly held that the owner could maintain an action against the drawee for the amount. Crane v. Fourth St. Nat. Bank,

173 Pa. 566, 34 Atl. 296.

The failure of a bank paying a check drawn by a depositor in favor of a third person, who forwards it through another bank for collection, to offer to return the check to the collecting bank and to demand repayment, within the time required by the rules of the clearing house, does not impair its right to recover the amount from the third person, provided its right to recover is otherwise perfect. National Exchange Bank v. Ginn & Co., 114 Md. 181, 78 Atl. 1026, 33 L. R. A. (N. S.) 963. See "Banks and Banking," Dec. Dig. (Key No.) §§ 319, 321; Cent. Dig. §§ 1225, 1227.

20 Merchants' Nat. Bank v. National Bank, 139 Mass. 513, 2 N. E. 89. See, also, Manufacturers' Nat. Bank v. Thompson, 129 Mass. 438, 37 Am. Rep. 376; National Exch. Bank v. Eliot National Bank, 132 Mass. 147; Louisiana Ice Co. v. State Nat. Bank of New Orleans, 1 McGloin (La.) 181; Overman v. Hoboken City Bank, 30 N. J. Law, 61; Id., 31 N. J. Law, 563. See "Banks and Banking," Dec. Dig. (Key No.) §§ 319, 321; Cent. Dig. §§ 1225, 1227.

21 Mt. Morris Bank v. Twenty-Third Ward Bank, 60 App. Div. 205, 70 N. Y. Supp. 78; Id., 172 N. Y. 244, 64 N. E. 810. See Stuyvesant Bank v. National Mechanics' Bank, 7 Lans. (N. Y.) 197.

The duty of a clearing house agent being only to collect through the clearing house, such agent is not negligent in failing to present a check at the counter of the drawee. Farmers' & Mechanics' Bank of East Birmingham v. Third Nat. Bank, 165 Pa. 500, 30 Atl. 1008. See "Banks and Banking," Dec. Dig. (Key No.) §§ 319, 321; Cent. Dig. 88 1225, 1227.

iting money and bills receivable as collateral security, and a rule of the clearing house provided that such arrangements should not be discontinued without previous notice, which should not take effect until the completion of the clearings on the day after its receipt, it was held that the agreement was in effect a tripartite one between the two banks and the association, whereby not only the clearing house was secured as to its payments by the deposit, but the other members of the association were assured that all checks presented would be paid up to and including the day following the giving of such notice, and that the clearing member was required to pay checks on the non-member presented on the day after such notice, although it then knew that the non-member was insolvent; the security being applicable to the amount of the checks so paid.22

22 O'Brien v. Grant, 146 N. Y. 163, 40 N. E. 871, 28 L. R. A. 361. Where a similar contract existed between a member and a nonmember bank, and depositors of the non-member, learning of its insolvency, drew checks on it, which were presented through the clearing house and paid by the member with knowledge that the superintendent of banks had taken possession of the non-member the day before, the member was nevertheless entitled to bills receivable deposited as security to reimburse itself for the checks paid. Davenport v. National Bank of Commerce, 127 App. Div. 391, 112 N. Y. Supp. 291, affirmed 194 N. Y. 568, 88 N. E. 1117.

Where a member bank, which had contracted with a non-member to pay checks drawn on the latter, and was secured by a deposit of collateral security, paid such a check presented through the clearing house, and the next day the drawee was declared insolvent, the former did not stand in the shoes of the drawee, so as to be entitled to demand from the drawer only the difference between his deposit in the drawee bank and the amount paid, but had the rights of a holder of the check, and was entitled (the security having been exhausted) to recover from the drawer the full amount paid. Grant v. MacNutt, 12 Misc. Rep. 20, 33 N. Y. Supp. 62.

A bank which, in payment of a clearing house check drawn in its favor as a result of the day's clearings, received the proceeds of checks presented to another member on the next morning before suspending payment, must account to the bankrupt estate of the defaulting member. Rector v. City Deposit Bank Co., 200 U. S. 405, 26 Sup. Ct. 289, 50 L. Ed. 527. See, also, Rector v. Commercial Nat. Bank,

CLEARING HOUSE CERTIFICATES

49. When the rules of an association so provide, it may issue to its members clearing house certificates, secured by a deposit of money or other assets by the bank to whom the certificates may be issued, to be used in lieu of money in payments between the members.

Frequently the rules of an association provide for the use of clearing house certificates in payments between members; the certificates being issued to members and being secured by a deposit of money or bills receivable or other assets of the bank to which they are issued.23 The certificates are payable on demand, and made in convenient denominations for their use in payment. Such certificates are more commonly issued in times of panic or stringency, in order to create, to the extent of the certificates, solidarity of responsibility between the banks, each of which is liable in case of default in their payment, thus fortifying the credit of one by the credit of all; while the certificates also afford a means by which a bank with assets which are good, but which at such a time are not readily convertible into money, can use them in order to obtain what for banking purposes is the equivalent of cash.24 It has been held that the pledge of securities for this purpose is not in violation of

200 U. S. 420, 26 Sup. Ct. 294, 50 L. Ed. 533; Yardley v. Philler, 167 U. S. 344, 17 Sup. Ct. 835, 42 L. Ed. 192.

Such payments are not within the prohibition of an act against payment by insolvent corporations made with intent to prefer creditors. O'Brien v. Grant, supra. See "Banks and Banking," Dec. Dig. (Key No.) §§ 819, 321; Cent. Dig. §§ 1225, 1227.

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23 Philler v. Patterson, 168 Pa. 468, 32 Atl. 26, 47 Am. St. Rep. 896. See "Banks and Banking," Dec. Dig. (Key No.) §§ 320, 322; Cent. Dig. §§ 1226, 1228.

24 Yardley v. Philler, 167 U. S. 344, 17 Sup. Ct. 835, 42 L. Ed. 192. See "Banks and Banking," Dec. Dig. (Key No.) §§ 320, 322; Cent. Dig. 88 1226, 1228.

the laws relating to national banks.25 When bills or notes are so deposited with an association or its committee, it becomes a holder for value, and is not affected by equities existing between the original parties of which it has not notice.20

25 Philler v. Patterson, 168 Pa. 468, 32 Atl. 26, 47 Am. St. Rep. 896. For the purpose of reserve, clearing house certificates, representing specie or lawful money deposited for that purpose, are recognized by the national banking laws. Rev. St. U. S. § 5192 (U. S. Comp. St. 1901, p. 3487).

A preference was not created, within a statute inhibiting assignments and contracts by a bank in contemplation of insolvency except for the benefit of all creditors and stockholders, where a bank accepted clearing house certificates, gave its notes for their amounts, and deposited collaterals as security. Booth v. Atlanta Clearing House Ass'n, 132 Ga. 100, 63 S. E. 907. See "Banks and Banking,"

Dec. Dig. (Key No.) § 322; Cent. Dig. § 1228.

26 Philler v. Patterson, 168 Pa. 468, 32 Atl. 26, 47 Am. St. Rep. 896. A note so deposited is not, in the hands of the committee, subject to set-off by the maker of any sum due him from the bank. Philler v. Jewett, 166 Pa. 456, 31 Atl. 204. See "Banks and Banking," Dec. Dig. (Key No.) §§ 320, 322; Cent. Dig. §§ 1226, 1228.

CHAPTER VI

COLLECTIONS

50. Relation Between Depositor for Collection and Bank.

51. Duties of Bank in Making Collection.

52.

53.

54.

Rights and Liabilities as to Proceeds of Collection-Relation of
Bank to Customer.

Insolvency of Bank.

Bank's Lien.

55. Collection by Correspondent Bank-Relation Between Depositor

56.

57.

and Depositary and Collecting Banks.

Set-Off of Collecting Bank Against Forwarding Bank.
Lien of Collecting Bank.

RELATION BETWEEN DEPOSITOR FOR COLLECTION AND BANK

50. Where a paper is deposited with a bank for collection, the relation between the depositor and the bank is that of principal and agent until collection; but when the collection has been made, unless it be otherwise agreed, by weight of authority, the bank becomes a debtor to the depositor for the amount collected.

In General

Although the business of collecting commercial paper is not confined to banks, the transaction, when the collection is by a bank, usually involves the crediting of the proceeds of the collection to the deposit account of the customer, so that collecting is closely connected with the business of banking and is engaged in by all commercial banks. The power to collect commercial paper is implied under a charter to do a general banking business.1

1 Branch Bank of State at Montgomery v. Knox, 1 Ala. 148; First Nat. Bank v. First Nat. Bank of Newport, 116 Ala. 520, 22 South. 976; Keyes v. Bank of Hardin, 52 Mo. App. 323.

Collecting commercial paper is part of the regular business of a

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