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 deposits 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 denominated a "banker." Hobbs v. Bank, 101 Fed. 75, 41 C. C. A. 205; Higgins 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 business is carried on.
Banks in the commercial sense are of three kinds, to-wit: (1) Of deposit; (2) of discount, (3) of circulation. Strictly speaking, the term "bank" implies a piece for the deposit of money, as that is the most obvious purpose of such an institution. Originally the business of banking consisted only in receiving deposits, such as bullion, plate, and the like, for safekeeping until the depositor should see fit to draw it out for use, but the business, in the progress of events, was extended, and bankers assumed to discount bills and notes, and to loan money upon mortgage, pawn, or other security, and, at a still later period, to issue notes of their own, intended as a circulating currency and a medium of exchange, instead of gold and silver. Modern bankers frequently exercise any two or even all three of those functions, but it is still true that an institution prohibited from exercising any more than one of those functions is a bank, in the strictest commercial sense. Oulton v. German Sav. & L. Soc., 17 Wall. 118, 21 L. Ed. 618; Rev. St. U. S. § 3407 (U. S. Comp. St. 1901, p. 2246).
3. An acclivity; an elevation or mound of earth; usually applied in this sense to the raised earth bordering the sides of a water-course.
—Bank-account. A sum of money placed with a bank or banker, on deposit, by a customer, and subject to be drawn out on the latter's check. The statement or computation of the several sums deposited and those drawn out by the customer on checks, entered on the books of the bank and the depositor's pass-book. Gale v. Drake, 51 N. H. 84.—Bank-bill. A promissory note issued by a bank, payable to the bearer on demand, and designed to circulate as money. Townsend v. People, 4 Ill. 328; Low v. People, 2 Park. Cr. R. (N. Y.) 37; State v. Hays, 21 Ind. 176; State v. Wilkins, 17 Vt. 155.—Bank-book. A book kept by a customer of a bank, showing the state of his 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 authorized 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. See Teller.—Joint-stock banks. In English law. Joint-stock companies for the purpose of banking. They are regulated, according to the 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 deposits 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 thereof, to the depositors, their executors or administrators, 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 Ill. 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 securities for money, received as cash by the banks. Such commercial paper as is considered 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. 650.
BANKER. A private person who keeps a bank; one who is engaged in the business of banking. People v. Dory. 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 Ill. 56, 45 N. E. 303, 35 L. R. A. 176, 54 Am. St. Rep. 447.
BANKER'S NOTE. A commercial instrument resembling a bank-note in every particular except that it is given by a private banler or unincorporated banking institution.
BANKEROUT. O. Eng. Bankrupt; insolvent; indebted beyond the means of payment.
BANKING. The business of receiving money on deposit, loaning money, discounting notes, issuing notes for circulation, collecting money on notes deposited, negotiating bills, etc. Bank v. Turner, 154 Ind. 456, 57 N. E. 110. See Bank; Banker.
