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458 JOURNAL OF PROCEEDINGS [Feb. 23,
ordinary course of business, such Bank necessarily agrees to
refund such deposits, or any parr thereof, on demand. There
can be no doubt that a National Bank, being thus authorized
to receive deposits, and bound to teturn them, when received,
upon demand, may, before receiving such deposits, enter into
an obligation under seal, to return such deposits, any part
thereof, to the depositor on demand. In so doing it only
agrees to perform the very duty, which is imposed upon it
by law. Such bond is valid and is binding both upon the
Bank und the sureties to such Bank,
As to the Third Point.—No provision of the National Bunk-
ing Law prohibits an officer, or Director of any National
Bank from becoming a surety upon a bond, conditioned for
the return of deposits, which may be executed by such Bank,
if such officer, or Director, shall see proper to become such
surety.
As to the Fourth Point.—Under the second exception, in
Section 5202, of title 62, chap. 3, of the Revised Statutes
cf the United States, a National Bank may become indebted
for moneys deposited with ii, although such indebtedness,
if added to the other liabilities of the bank, may exceed the
mount cf its capital stock then paid iu and remaining undi-
minisbed.
As such bank is authorized to incur an indebtedness to de-
positors in excess of the limit imposed by said Section 5202,
it may. by its bond, agree to repay such indebtedness to any
depositor, whether the amount secured by said band, or the
amount of the penalty of the said bond, it a added to the other
indebtedness of such bank, be in excess of the capital of such
bank, then paid in and remaining undiminished, or not.
Such bond is unquestionably valid. It creates, in fact, no
new liability, so far as the bank is concerned. It, is simply
an engagement, under seal, to do what the bank, without
such engagement, becomes bound to do when it receives a
deposit, and it is satisfied by the payment to the depositor of
the amount of the deposits far which the bank is liable.
Until such deposits are repaid, both the bank and the secu-
rities upon the bond are, and remain liable.
Very respectfully, you»s,
CHAS. J. M. GWINN,
Attorney-General.
Which were severally read.
Mr, Hoblitzell demanded the previous question.
The question then being,
"Shall the main question be now put?"
Mr. Naill moved that the House do now adjourn.
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