Question 249.— Are deposit receipts transferable by endorsement ?

Answer.—The usual form of deposit receipt is, we think, a receipt for money, and an undertaking to '' account" for it, and not an unqualified promise to pay it. A document reading " Received of --------- --------- to account for on demand " has been held not to be a promissory note; and other cases where the agreement was to " account" for money have been decided in the same way. We think therefore that a deposit receipt in the customary terms would not be transferable by endorsement in the same way as a note would be transferable.