A bank issuing certificates in the two forms first named is obliged to pay same whenever presented, but is under no obligation to pay a "time" certificate until the expiration of the period named in it.

A person to whose order a certificate is made payable may sell it or pass it on to some other party for collection by endorsing it, and when presented by such party, properly endorsed, should be paid by the bank issuing same, if due by

its terms.

CASHIER'S CHECKS.

These partake somewhat of the nature of demand certificates of deposit, being vouchers for money deposited, issued in the form of a check drawn by the cashier on his own bank in the following form: