444 ARTICLE 11 .

collecting bank which has failed or been closed for business as above shall
be impressed with a trust in favor of the owner or owners of such item or
items for the amount of such proceeds and such owner or owners shall be
entitled to a preferred claim upon such assets, irrespective of whether the
fund representing such item or items can be traced and identified as
part of such assets or has been intermingled with or converted into other
assets of such failed bank.

The fact that a check was certified by a bank before the appointment of a receiver
therefor did not impress the funds of the bank with a trust, so as to give a preference
to the holder in the payment from the funds in the hands of the receiver. Construction
Co. v. Page, 162 Md. 355.

Cited but not construed in Ghingher v. Western Md. Ry. Co., 166 Md. 57.

An. Code, 1924, sec. 96. 1929, ch. 454, sec. 96.

121. (Act Not Retroactive.) The provisions of this sub-title shall not
apply to transactions taking place prior to the time when it takes effect.

An. Code, 1924, sec. 97. 1929, ch. 454, sec. 97.

122. (Cases Not Provided for in Act.) In any case not provided for
in this sub-title the rules of law and equity, including the law merchant
and those rules of law and equity relating to trusts, agency, negotiable
instruments and banking, shall continue to apply.

An. Code, 1924, sec. 98. 1929, ch. 454, sec. 98.

123. (Uniformity of Interpretation.) This sub-title shall be so inter-
preted and construed as to effectuate its general purpose to make uniform
the law of those states which enact it.

An. Code, 1924, sec. 99. 1929, ch. 454, sec. 99.

124. (Short Title.) This sub-title may be cited as the bank collection
code.¹

Secs. 108-124 referred to in construing secs. 29 and 54. Dean v. Eastern Shore Trust
Co., 159 Md. 218.

Secs. 108-116 cited in Ghingher v. Finance Co., 168 Md. 563.

Credit Unions.

An. Code, 1924, sec. 100. 1929, ch. 337, sec. 1. 1937, ch. 178, sec. 100.

125. Any seven or more persons, residents of the State of Maryland
may apply to the Bank Commissioner for permission to organize a credit
union by signing and acknowledging in triplicate a certificate of organi-
zation and entering into articles of agreement in which they bind them-
selves to comply with its requirements and w-ith all laws, rules and regula-
tions applicable to credit unions. The certificate of organization shall
contain:

(1) The name of the proposed credit union.

(2) A statement that incorporation is desired under this sub-title.

(3) The par value of shares, which shall not exceed ten dollars.

(4) The city, town or village in which the office of the credit union is
to be located.

(5) The names and addresses of the subscribers to the certificate and a
statement of the number of shares of stock subscribed by each.

¹ Sec. 2, ch. 454, Acts of 1929, repealed all laws inconsistent therewith.