Courts have spoken of certificates of deposit as the promissory notes of the bank issuing them, and apparently upon that theory it has been held that being, if payable upon demand, demand notes, as to one who made the deposit for the benefit of the payee as a payment they should be presented within a reasonable time.1 Another court seems to have treated the certificate as a check and held that the certificate must be presented as against an indorser upon the next business day,2 although it is certain that if the payee and indorser requested or acquiesced in the delay they could not object.3 But the better authority is that such certificates are not subject to the rule as to the necessity of a demand in order to bind the indorser,4 although the holding mentions the wholly untenable ground that the certificate was not negotiable.5 The sufficient reason for the rule is that such certificates are not issued for the purpose of maturing at any fixed time, whether they are demand certificates or are payable upon time, or interest-bearing or not subject to interest, and therefore a demand at any time before they are barred by the statute of limitations (which of course destroys the liability of both the bank and the indorser) is a demand within a reasonable time.6 Subject to this rule, however, a demand on the bank or a sufficient excuse for want of it must be shown before an indorser Upon the certificate can be charged, or before the bank could be charged.7

5 See cases in note 3, supra.

6 Hawkins v. Barney, 27 Vt. 392.

7 Smith v. Barnes, 24 Ga. 442.

8 Lyell v. Lapeer Co., 6 McLean, 446: Steel v. Davis Co., 2 G. Greene, 469. For rule as to presentment for acceptance, see £Sec. 207, 208, ante.

1 Bower v. Hoffman, 23 Md. 263. The great weight of authority is that these certificates of the bank are promissory notes and negotiable as such. Miller v. Austin, 13 How. 218; Brummagim v. Tallent, 29 Cal. 503; Swift v. Whitney, 20 I1L 144; Kilgore v. Buckley, 14 Conn. 362; Maxwell v. Agnew, 21 Fla 154;

Citizens' Bank v. Brown, 45 Ohio St. 39; Bean v. Briggs, 1 Iowa, 148; Blood v. Northrup, 1 Kan. 28; Fells Point Sav. Inst. v. Weldon, 18 Md. 320; Mitchell v. Easton, 37 Minn. 335; Frank v. Wessels, 64 N. Y. 155; Curran v. Witter, 68 Wis. 16. Contra, Shute v. Pacific Nat. Bank, 136 Mass. 487; Lebanou Bank v. Man-gan. 28 Pa. 452.

2 Piner v. Clary, 17 B. Mon. 645.

3 Cate v. Patterson, 25 Mich. 191.

4 Lindsey v. McClelland, 18 Wis. 481. See Pardee v. Fish, 60 N. Y. 265.

5 See Sec. 161, ante.