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Acceptor of

banker, statute, account and loan

ACCEPTOR OF BILL.—All acceptor is liable to pay it at any time within six years, unless he has suffered damage through delay in presentation for payment.

AccouNr.—\\lere a credit balance has been undisturbed for six years, the cus tomer's right to the money may be barred by the statute. Heber Hart (see his " Law of Banking ") considers that " it may well be argued that until a cheque is presented and dishonoured, the statute dogs not begin to run." No banker, however, would ever think of taking advantage of a credit balance being statute barred. The addition of interest half-yearly by a banker prevents the statute from having effect in the case of a dormant credit, or deposit account. (See UNCLAIMED BALANCES.) Where a debit balance has remained stand ing without any payment, either of principal or interest, or without any written acknow ledgment, the debtor may plead the statute at the end of six years and the banker will be unable to recover the money. A mere debit to the account by the banker for interest does not keep the debt alive.

If the account is in several names the debt is kept alive only against those who have acknowledged it ; a payment by one does not prevent the others from pleading the statute.

If a customer has several accounts they must all be considered as really one account ; that is, if a loan account has been absolutely dormant for six years the customer cannot plead that the loan is statute barred if he has also other accounts which have been operated upon.

In an ordinary loan account the statute runs from the date when the money was paid and not necessarily from the date of the cheque.

If a loan is statute barred it does not follow that the interest on the loan is also barred. (See INTEREST below.) BANK NOTES.—The Statute of Limitations does not apply to bank notes, either those of the Bank of England or of a country banker. No matter how long it may be after their issue before they are presented for payment, the banker is still liable to pay them. In the Acts regulating the issue of notes in I reland and in Scotland it is specially mentioned that " all bank notes shall he deemed to be in circulation from the time the same shall have been issued by any banker, or any servant or agent of such banker, until the same shall have been actually returned to such banker or spine servant or agent of such banker."