§ 37. Same: hypothecation of bonds as security.-The county court may in lieu of the bond provided for by preceding sections, accept as security for money deposited as aforesaid, interestbearing securities of the United States, or a state county, district or municipal corporation, the indebtedness whereof does not exceed five per cent of the assessed valuation; the face value of which shall not be less than the sum specified in section 35 of this chapter as the amount to be named in the bond in lieu of which such bonds are accepted; or they may accept such bonds as partial security to the extent of their face value for the money so deposited, and require bond for the remainder of the full amount specified in said section, to be named in the bond; and in the bond so required, such acceptance of bonds as partial security, and the extent thereof shall be set forth. The hypothecation of such bonds shall be by proper legal transfer as collateral to protect and indemnify by trust any and all loss in case of any default on the part of the bank in its capacity as depository as aforesaid, and such collateral shall be released only by order of record of the county court when satisfied full and faithful accounting and payment of all the moneys has been made under the provisions hereof. The county court shall make ample provision for the safekeeping of such hypothecated bonds, and the interest thereon when paid shall be turned over to the bank or trust company, so long as it is not in default as aforesaid. (Code 1916, c. 39.)

§38. Same: deposit and disbursement of moneys.-The treasurer upon receipt of a certified copy of the order of the county court, showing that a depository or depositories have been designated and bond accepted in compliance with the provisions of this act, and naming the depository or depositories shall deposit therein to the credit of the county treasurer, all public money in his possession, except such as may be necessary to meet current demands; and, thereafter, he shall make daily deposits in the public depositories of all public money received by him, except as hereinafter provided, the deposit of such money to be made as early as practicable after the receipt or collection thereof, and such money shall be payable by the depository only on an order issued by the county court, or board of education after said order has been endorsed by the treasurer directing payment by the depository. If at any time the cash in hands of the treasurer is

not sufficient to meet the current demands, he is authorized to withdraw sufficient cash from the depository to meet said current demands, such withdrawal to be made by check drawn by the treasurer, and countersigned by the county clerk. The said current demands shall not be anticipated more than a week in advance. All moneys due the treasurer are to be drawn from the depository on an order issued by the county court and endorsed. by the treasurer. At the end of each month the president and clerk of the county court shall sign proper orders on the treasurer, in his favor, to pay him the moneys due him. All moneys belonging to the state, or any municipality, shall be disbursed from the depository on a check drawn by the county treasurer, payable to the auditor of the state of West Virginia, or to the treasurer of the municipality. (Code 1916, c. 39.)

§39. Same: interest on deposits.-All money deposited in any depository shall bear interest at the rate of three per cent. per annum, to be computed on daily balances, and such interest shall be placed to the credit of the county treasurer on the first day of each calendar month, or at any time when the account may be closed. When the interest is credited to the treasurer the depository shall, in writing, notify the clerk of the county court and treasurer, each separately, the amount thereof, before noon of the next business day, and all such interest shall be credited to the general county fund by the clerk of the county court and treasurer. (Code 1916, c. 39.)

§ 40. Same: monthly statement of amount of deposits. On the first business day of each month a county depository under the provisions of this act shall furnish to the clerk of the county court a written statement, showing the amount on deposit to the credit of the county treasurer at the close of each day of the preceding month, which statement shall be filed and kept in the office of the clerk of the county court, as part of the public records. (Code 1916, c. 39.)

§ 41. Same:. account of deposits and disbursements.—The treasurer shall keep an account with each depository showing each deposit and disbursement; the depository upon payment of any order or draft drawn by authority of the county court or

board of education on the treasurer, and endorsed by him for payment, or upon payment of any check drawn by the treasurer for the purposes herein authorized, shall cancel the same, showing clearly the payment thereof and the date of payment. The orders or drafts and checks so paid shall be delivered by the depository to the treasurer upon his demand, and the orders or drafts shall be by him preserved for settlement with the county court, and the checks shall be filed and preserved as part of the records of his office. (Code 1916, c. 39.)

§ 42. Same: meaning of "public moneys" and "county court." —The term “public moneys," as used in this act, shall include all money which by law the sheriff in his capacity as such, and as treasurer of the county and districts, is authorized to collect, receive and disburse for public purposes, including state, county, districts, school districts, independent school districts and municipalities. The term "county court," shall include all tribunals in lieu thereof. (Code 1916, c. 39.)

§ 43. Same: liability of officers for violations of act.-If any sheriff shall wilfully fail, refuse or neglect to comply with the requirements and provisions hereof, he shall be guilty of a misdemeanor, and upon conviction thereof shall be fined not exceeding five hundred dollars, or confined in the county jail not exceeding six months, or both, and shall forfeit his office. When the sheriff shall have fully complied with all the provisions of this act, he shall not be held personally liable on account of any loss that the county or any district may sustain by reason of the default or failure of any such depository that has given bond approved by the county court. It shall be unlawful for any sheriff or member of a county court to demand or receive any gift, reward, token, or thing of value from any county depository, or from any bank or trust company, for naming, designating or accepting it as a county depository. It shall also be unlawful for any person who is a candidate for the office of sheriff, or member of a county court, either for the nomination, or election to the office after nomination, to demand or receive any gift, reward, token, or thing of value from any bank or trust company eligible for designation as a county depository. Upon conviction for any violation of this section, the person convicted shall be fined not

more than five hundred dollars or confined in the county jail not exceeding six months, or both, at the discretion of the court, and in addition thereto shall forfeit his office. (Code 1916, c. 39.)

§ 44. Same: sheriff to collect and disburse school moneys; additional bond.-The sheriff of the county shall receive, collect and disburse all school money for the county and the several districts therein. But, before receiving or collecting any school money, he shall give in addition to his bond as collector of the state and county taxes, a bond with security to be approved by the county court or other tribunal in lieu thereof, in a penalty of not less than twenty thousand nor more than one hundred thousand dollars, said amount to be fixed by the county court or other tribunal in lieu thereof. Section one hundred and thirtyseven, chapter twenty-seven, acts one thousand nine hundred and eight, relating to sheriff's bonds, as treasurer for school moneys, in so far as inconsistent with this section, is hereby repealed. All acts or parts of acts inconsistent herewith are hereby repealed. But this act shall not be effective until July first, one thousand nine hundred and sixteen. (Code 1916, c. 39.)

CHAPTER 6.

NEGOTIABLE INSTRUMENT LAW.

Title I.-Negotiable Instruments in General.

ARTICLE I.-FORM AND INTERPRETATION.

§ 1. Requirements of negotiable instruments.-An instrument to be negotiable must conform to the following requirements: (1) It must be in writing and signed by the maker or drawer; (2) must contain an unconditional promise or order to pay a sum certain in money; (3) must be payable on demand or a fixed or determinable future time; (4) must be payable to order of a specified person or to bearer; and (5) where the instrument is addressed to a drawee, he must be named or otherwise indicated therein with reasonable certainty. (Acts 1907, Reg. Sess., c. 81.)

§ 2. When sum payable is a sum certain.-The sum payable is a sum certain within the meaning of this act, although it is to be

paid: (1) with interest; or (2) by stated installments; or (3) by stated installments, with a provision that upon default in payment of any installment or of interest the whole shall become due; (4) with exchange, whether at a fixed rate or at the current rate; or (5) with cost of collections or an attorney's fee in case payment shall not be made at maturity. (Acts 1907, Reg. Sess., c. 81.)

§ 3. When order or promise to pay is unconditional.—An unqualified order or promise to pay is unconditional within the meaning of this act though coupled with, (1) an indication of a particular fund out of which reimbursement is to be made, or a particular account to be debited with the amount; or (2) a statement of the transaction which gives rise to the instrument. But an order or promise to pay out of particular fund is not unconditional. (Acts 1907, Reg. Sess., c. 81.)

§ 4. When instrument is payable at determinable future time. -An instrument is payable at a determinable future time within the meaning of this act which is expressed to be payable, (1) at a fixed period after date or sight; or (2) on or before a fixed or determinable future time specified therein; or (3) on or at a fixed period after the occurrence of a specified event which is certain to happen, though the time of happening be uncertain. An instrument payable upon a contingency is not negotiable, and the happening of the event does not cure the defect. (Acts 1907, Reg. Sess., c. 81.)

§ 5. Facts affecting negotiability.-An instrument which contains an order or promise to do any act in addition to the payment of money is not negotiable; but the negotiable character of an instrument otherwise negotiable is not affected by a provision which, (1) authorizes the sale of collateral securities in case the instrument be not paid at maturity; or (2) authorizes a confession of judgment if the instrument be not paid at maturity; or (3) waives the benefit of any law intended for the advantage or protection of the obligor; or (4) gives the holder an election to require something to be done in lieu of payment of money. But nothing in this section shall validate any provision or stipu lation otherwise illegal. (Acts 1907, Reg. Sess., c. 81.)