The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1915-04-15
BANK LAW CHANGES
MADE BY LEGISLATURE
SEVERAL OF IMPORTANCE OF
SPECIAL INTEREST TO THOSE
HAVING BANK ACCOUNTS.

Several changes of Importance to
depositors We're made in the state
banking laws by the Thirteenth legis-
lature. They relate to the checking
out of trust funds and joint deposits,
the removal of disability and the non
payment of checks through error.
The amendments are similar to those
in other states and were formulated
by the American bankers association.
Disposition of Trust Funds.
Legislation has frequently grown
from attempts of devisees or trustees
to secure possession of trust funds on
deposit in bank. The law now clear
ly specifies how such funds shall be
treated. The clause bearing on this
point reads.
Whenever any deposit shall be
made in any bank, savings or trust
company, by any person in trust for
another, and no other or further not
ice of the existence and terms of legal
and valid trust shall have been given
in writing to the bank, in the event of
the death of the trustee, the same or
any part thereof together with the
dividends or interest thereon, may be
paid to the person from whom said de-
posit was made, or to his legal repre-
sentative"
Affect Husband and Wife.
Joint deposits have always been a
where money has been deposited to
the credit of both husband and wife,
either would draw out the money
without the others consent and COM
plication would ensue The new law
treats a deposit of this kind in the
following amendments:
when deposit has been made or
shall hereafter be made, in any bank,
savings bank or trust company in the
names of two persons, payable to
either or payable to the survivor, such
deposit, or any part thereof, or interest
or dividend thereon, if not then at
tached at law or in equity in a suit
against either of said persons, may be
paid to either Of said persons, whether
the other be living or not, and such
payment shall discharge the bank, saw
ings bank or trust company making
such payment from its obligation, If
any, to such other person or his legal
for or on account of
such deposit This action shall apply
to husband and wife to all interests
and purposes the same as to other per-
sons"
Disability Does Not Bar.
Persons under disability are placed
on the same basis as those not under
disability under the new law, the
provision reading as follows:
whenever any minor, married Wo-
man or other person under disability
shall make or have credit in any bank
or trust company in his or her name,
such bank or trust company may pay
such money on the check or order of
such depositor, the same as in y
cases of depositors not under disabil-
ity, and such payments shall be in
all respects valid in law"
Must Prove Damages.
It occasionly happens that pay
ment on perfectly good check is re-
fused in error and in such cases the
writer of the check generally feels
like going after the bank for dam
ages. Under the new law he, or she,
must prove that they have been dam
aged by the banks mistake. The new
provision reads:
mo bank or trust company shall be
liable to a depostor because of the
non payment through mistake or error
and without malice of check which
should have been paid unless the de-
positor shall alege and prove actual
damage by reason Of such non-pay-
ment and in such event the liability
ho nj l.