1144 LAWS OF MARYLAND. [CH. 454

tinue except the bank shall have all the rights of an owner
thereof against prior and subsequent parties to the extent of
the amount withdrawn.

85. ITEM ON SAME BANK. A credit given by a bank for an
item drawn on or payable at such bank shall be provisional, sub-
ject to revocation at or before the end of the day on which the
item is deposited in the event the item is found not payable
for any reason. Whenever a credit is given for an item de-
posited after banking hours such right of revocation may be
exercised during the following business day.

86. LEGAL EFFECT OF INDORSEMENTS, An indorsement
of an item by the payee or other depositor "for deposit" shall
be deemed a restrictive indorsement and indicate that the
indorsee bank is an agent for collection and not owner of the
item.

An indorsement "pay any bank or banker" or having equiv-
alent words shall be deemed a restrictive indorsement and shall
indicate the creation of an agency relation in any subsequent
bank to whom the paper is forwarded unless coupled with words
indicating the creation of a trustee relationship; and such in-
dorsement or other restrictive indorsement whether creating an
agency or trustee relationship shall constitute a guaranty by the
indorser to all subsequent holders and to the drawee or payor
of the genuineness of and the authority to make prior indorse-
ments and also to save the drawee or payor harmless in the
event any prior indorsement appearing thereon is defective or
irregular in any respect unless such indorsement is coupled
with appropriate words disclaiming such liability as guarantor.

Where a deposited item is payable to bearer or indorsed
by the depositor in blank or by special indorsement, the fact
that such item is so payable or indorsed shall not change the
relation of agent of the bank of deposit to the depositor, but
subsequent holders shall have the right to rely on the presump-
tion that the bank of deposit is the owner of the item. The in-
dorsement of an item by the bank of deposit or by any subse-
quent holder in blank or by special indorsement or its delivery
when payable to bearer, shall carry the presumption that the
indorsee or transferee is owner provided there is nothing upon
the face of the paper or in any prior indorsement to indicate an
agency or trustee relation of any prior party. But where an
item is deposited or is received for collection indorsed specially