Question 251.— Would not the bank's responsibility as to the proper disposal of moneys held on deposit receipt be lessened if the words " not transferable " were omitted from such receipts?

Answer.—We think not. A deposit receipt as ordinarily worded, in which the bank indicates that the money ''will be accounted for," is not transferable in the sense in which promissory notes are transferable. The addition of the words " not transferable" does not alter the effect of the form; it merely calls attention to its nature. On the other hand if the deposit receipt were so worded that it was in effect a promissory note, and so negotiable in the ordinary sense, the bank would be liable to any holder of the receipt to whom it might be negotiated, and would lose some advantages, as, for instance, the right to hold the funds against a debt of the depositor.