ALBERT C. RITCHIE, GOVERNOR. 1149

entrusted to it for collection, but without such item or items
having been paid or remitted for by it either in money or
by an unconditional credit given on its books or on the books
of any otter bank which has been requested or accepted so
as to constitute such failed collecting or other bank debtor
therefor, the assets of such agent 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.

96. ACT NOT RETROACTIVE. The provisions of this Act
shall not apply to transactions taking place prior to the time
when it takes effect.

97. CASES NOT PROVIDED FOR IN ACT. In any case not
provided for in this Act the rules of law and equity, includ-
ing the law merchant and those rules of law and equity re-
lating to trusts, agency, negotiable instruments and banking,
shall continue to apply.

98. UNIFORMITY OF INTERPRETATION. This Act shall be
so interpreted and construed as to effectuate its general pur-
pose to make uniform the law of those states which enact it.

99. SHORT TITLE. This Act may be cited as the^; bank
collection code.

SEC. 2. And be it further enacted, That all Acts or parts of
Acts inconsistent with the provisions of this Act be, and the
same are hereby repealed.

SEC. 3. And be it further enacted, That this Act shall take
effect June 1, 1929.

Approved April 11, 1929.