148 ARTICLE 11.

tion is insolvent or in danger of insolvency, or not having reason to believe
that there were sufficient net profits or surplus properly applicable thereto
to pay the same without impairing or diminishing the said capital and
surplus, otherwise than is authorized in Section 70 of this Article, they
shall be jointly and severally liable to the creditors of the corporation at
the time of declaring such dividends to double the amount thereof.

72.

Where receiver's report that collection of 100% of stockholders' liability
would still leave deficit, court justified in authorizing receiver to enforce lia-
bility. Lange v. Ghingher, Dally Record, April 9, 1985

In action of Bank Receiver to enforce liability of the stockholders of the
Baltimore Trust Co. it was held that the right to enforce liability does not
depend upon Emergency Banking Act (1983, chs. 46 and 529), which deals
with reorganization of banks and not their liquidation, and that double liability
statute does not depend upon final liquidation Robinson v Hospelhorn, Daily
Record, June 27, 1985.

75.

As to fiduciary, see art. 37A.

As to deposits in name of fiduciary, and in name of principal and in fiduciary's
personal account, see art. 37A, sec. 7, et seq.

76.

This section has no application where provision in past book, requires its pro-
duction when money is withdrawn Savings Bank v. Appler, 151 Md. 578.

81. Repealed by ch. 221 of the Acts of 1931.

Bank Collection Code.

1929, ch. 454. sec. S3

83. Definitions. For the purposes of The Bank Collection Code:

(A) Bank. The term "bank" shall include any person, firm or corpo-
ration engaged in the business of receiving and paying deposits of money
within this State. A branch or office of any such bank shall be deemed
a bank for the purpose of this sub-title.

(B) Item. The term "item" means any check, note or other instru-
ment providing for the payment of money.

Secs 83-99 referred to in construing secs. 20 and 42 Dean v. Eastern Shore
Trust Co., 159 Md 218.

1929, ch. 454, sec. 84

84. Bank is Agent for Collection. Except as otherwise provided by
agreement and except as to subsequent holders of a negotiable instrument
payable to bearer or endorsed specially or in blank, where an item is
deposited or received for collection, the bank of deposit shall be agent of
the depositor for its collection and each subsequent collecting bank shall
be sub-agent of the depositor but shall be authorized to follow the instruc-
tions of its immediate forwarding bank and any credit given by any
such agent or sub-agent bank therefor shall be revocable until such time