for collection, the banker is bound to give notice of dishonour. Being in the position of an agent, he may either give notice to his principal, the customer, or to the parties liable on the bill. The usual practice of bankers has always been to return the cheque to the customer, and sec. 49, subs. 6 of the Bills of Exchange Act is stated to have been passed to validate this custom. Inasmuch as it only provides for the return of the dishonoured bill or cheque to the drawer or an endorser it appears to miss the case of a cheque to bearer or become payable to bearer by blank endorsement prior to the customer's.
Where a bank or a banker takes a mortgage, legal or equitable, or a guarantee as cover for advances or overdraft, there is nothing necessarily differentiating the position from that of any other mortgagee or guaranteed party. It has, however, fallen to banks to evoke some leading decisions with respect to the former class of security. In London Joint Stock Bank v. Simmons (, A.C. 201) the House of Lords, professedly explaining their previous decision in Sheffield v. London Joint Stock Bank, 13 A.C. 333, determined that negotiable securities, commercial or otherwise, may safely be taken in pledge for advances, though the person tendering them is, from his known position, likely to be holding them merely as agent for other persons, so long as they are taken honestly and there is nothing tangible, outside the man's position, to arouse suspicion. So again in Lloyd's Bank v. Cooke , 1 K.B. 794, the bank vindicated the important principle that the common law of estoppel still obtains with regard to bills, notes and cheques, save where distinctly annulled or abrogated by the Bills of Exchange Act, and that therefore a man putting inchoate negotiable instruments into the hands of an agent for the purpose of his raising money thereon is responsible to any one taking them bona fide and for value, although the agent may have fraudulently exceeded and abused his authority and the case does not fall within the provisions of the Bills of Exchange Act.
With regard to guarantees, the main incidents peculiarly Guarantees. affecting bankers are the following. The existence of a guarantee does not oblige the banker to any particular system of keeping the account. So long as it is not unfairly manipulated to the detriment of the guarantor, there is no obligation to put moneys paid in, without appropriation, to the guaranteed rather than to the unguaranteed account, and on the termination of a guarantee, the banker may close the account, leaving it to be covered by the guarantee, and open a new one with the customer, to which he may devote payments in, not otherwise appropriated. Where by its nature or terms a continuing guarantee is revocable either summarily or on specified notice, difficult questions may arise on such revocation as to the banker's duty and obligations towards the customer, who has probably incurred liabilities on the strength of the credit afforded by the guarantee. Although the existence of a guarantee does not bind the banker to advance up to the prescribed limit, he could not well, on revocation, immediately shut off all facilities from the customer without notice, while subsequent purely voluntary advances might not be covered by the guarantee. These contingencies should therefore be fully provided for by the guarantee, particularly the crucial period of the pendency of notice.
Authorities.—The Institute of Bankers (London), Questions on Banking Practice (6th ed., 1909); J. Douglas Walker, A Treatise on Banking Law (2nd ed., 1885); Chalmers, Bills of Exchange (7th ed., 1909); Sir J. R. Paget, The Law of Banking (2nd ed., 1908); H. Hart, The Law of Banking (2nd ed., 1906).
(J. R. P.)
BANKSIA, an Australian genus of shrubs and trees (natural order Proteaceae), with leathery leaves often deeply cut and handsome dense spikes of flowers. It is named after Sir Joseph Banks (q.v.). The plants are grown in England for their handsome foliage as evergreen greenhouse shrubs.
BANKURA, a town and district of British India, within the Burdwan division of Bengal. The town has a population of 20,737. The district has an area of 2621 sq. m., and in 1901 its population was 1,116,411, showing an increase of 4% in the decade. It is bounded on the N. and E. by Burdwan district; on the S. by Midnapur district; and on the W. by Manbhum district. Bankura forms a connecting link between the delta of the Ganges on the E. and the mountainous highlands of Chota Nagpur on the W. Along its eastern boundary adjoining Burdwan district the country is flat and alluvial, presenting the appearance of the ordinary paddy lands of Bengal. Going N. and W., however, the surface gradually rises into long undulating tracts; rice lands and swamps give way to a region of low thorny jungle or forest trees; the hamlets become smaller and more scattered, and nearly disappear altogether in the wild forests along the western boundary. Large quantities of lac and tussur silk are gathered in the hilly tract. The stone quarries and minerals are little worked. There are indigo factories and two coal-mines. Both cotton and silk are woven, and plates, &c., are carved from soap-stone. The old capital of the country was at Bishnupur, which is still the chief centre of local industries. The north-east part of the district is skirted by the East Indian railway beyond the river Damodar. The Midnapur-Jherria line of the Bengal-Nagpur railway passes through the district, and there is a line from Howrah to Bankura. The climate of Bankura is generally healthy, the cold season being bracing, the air wholesome and dry, and fogs of rare occurrence. The district is exposed to drought and also to destructive floods. It suffered in the famines of 1866, 1874-1875 and 1896-1897. The temperature in the hot season is very oppressive and relaxing. The Bishnupur raj was one of the largest estates in Bengal in the end of the 18th century, but it was sold for arrears of revenue shortly after the conclusion of the permanent settlement in 1793.
BANN, the principal river in the north of Ireland. Rising in the Mourne mountains in the south of the Co. Down it runs N.W. until it enters Lough Neagh (q.v.), which it drains N.N.W. to an estuary at Coleraine, forming Lough Beg immediately below the larger lough. The length of its valley (excluding the lesser windings of the river) is about 90 m. The total drainage area, including the other important feeders of Lough Neagh, is about 2300 sq. m., extending westward to the confines of the Co. Fermanagh, and including parts of the Cos. Down and Antrim, Armagh and Monaghan, Tyrone and Londonderry. The river has valuable salmon fisheries, but is not of much importance for navigation. Above Lough Neagh it is known as the Upper Bann and below as the Lower Bann.
BANNATYNE, GEORGE (1545-?1608), collector of Scottish poems, was a native of Newtyle, Forfarshire. He became an Edinburgh merchant and was admitted a burgess in 1587. Some years earlier, in 1568, when the "pest" raged in the capital, he retired to his native county and amused himself by writing out copies of poems by 15th and early 16th century Scots poets. His work extended to eight hundred folio pages, divided into five parts. The MS. descended to his only daughter Janet, and later to her husband's family, the Foulises of Woodhall and Ravelston, near Edinburgh. From them it passed to the Advocates' library, where it is still preserved. This MS., known as the "Bannatyne Manuscript," constitutes with the "Asloan" and "Maitland Folio" MSS. the chief repository of Middle Scots poetry, especially for the texts of the greater poets Henryson, Dunbar, Lyndsay and Alexander Scott. Portions of it were reprinted (with modifications) by Allan Ramsay in his Ever Green (1724), and later, and more correctly, by Lord Hailes in his Ancient Scottish Poems (1770). The entire text was issued by the Hunterian Club (1873-1902) in a handsome and generally accurate form. The name of Bannatyne was honoured in 1823 by the foundation in Edinburgh of the Bannatyne Club, devoted to the publication of historical and literary material from Scottish sources. The thirty-third issue of the club (1829) was Memorials of George Bannatyne (1545-1608), with a memoir by Sir Walter Scott and an account of the MS. by David Laing.
See also Gregory Smith, Specimens of Middle Scots (1902).
BANNERET (Fr. banneret, from bannière, banner, elliptical for seigneur or chevalier banneret, Med. Lat. banneretus), in feudalism, the name given to those nobles who had the right to lead their vassals to battle under their own banner. Ultimately bannerets obtained a place in the feudal hierarchy between