6. A Deposit Can Be Assigned

Though wings can not be given to a pass book, even by a rule providing for its transfer by a depositor to the order of another, a depositor may make a valid assignment of his entire deposit by giving an order on the bank, that will prevail against any creditor who may subsequently sue the assignor and attempt to secure the deposit in satisfaction of his claim. Such an order becomes effective from the time of its delivery. It works an assignment of the deposit, just like the giving of a check by a depositor in a bank of discount in Illinois and some other states. In like manner the delivery of a savings-bank book, though unaccompanied by a written assignment, with the intention that it shall be held as col lateral security for the payment of a debt, transfers the title to the deposit so perfectly that the creditor can hold it against any one who may try to take it in satisfaction of a debt due from the depositor.

1 McCaskill v. Connecticut Savings Bank,60 conn. .310.

7. Second Deposit

When a depositor appears the second time to deposit money, he fills out and signs a deposit ticket with the additional insertion of the number of his book. This is taken to the receiving teller with his money, and the amount is entered therein and he goes away.

8. Special Deposits

Savings banks rarely receive special deposits. When they do, the relation between such depositors and a bank is very different from the relation existing between it and ordinary depositors. A special depositor is regarded as a lender, and consequently, should the bank fail, he would be entitled to payment before general depositors were permitted to receive any portion of their deposits. This is the law, so the courts have said, even though a savings bank has no right or authority to receive a deposit in a special manner. As such depositors have no share or interest in the profits or earnings of the bank, they do not share in its losses so long as the assets are sufficient to pay its debts. "The general depositors can not shift upon them any share of the burden which properly rests upon themselves alone. As owners of the bank, and of which they are not creditors in a general sense or for all purposes, the general depositors, who alone are entitled to share in the bank's profits, must bear its losses, and can rightfully claim such assets only as may remain after payment of the corporate debts."1

9. Withdrawal Of Deposits

Having described the mode of depositing money, let us describe how it may be withdrawn, for the process is quite different from that in a bank of discount. In many banks the method is to fill out a receipt for the amount desired by the depositor in a receipt book prepared for that purpose, containing six or more blank receipts on the same page, and kept on a revolving desk so that it can be easily handled. When the receipt is filled out and signed the bank then has an order or authority for paying the money, and it is paid over. This is the simplest method, and the one in vogue in small banks.

1 Sec Cogswell v. Bank, 59 N. II. 43; Newark Savings Institution, 28 N. J. Eq. 552.

If a bank has a paying teller, the depositor makes out a check which is handed to the teller with the depositor's pass book, who counts out the money, enters the amount, and putting it between the leaves returns it to the depositor.