112 Iowa 11 | Iowa | 1900
Why a different rule should be applied to a contract held to be an exact equivalent of such a note we are unable to discover. Certificates of deposit in the usual form are no more nor less than promissory notes by the banks issuing them, and, if there is any valid reason for declaring the one due at its date and the other only on demand, this has not been disclosed by the very eminent courts making such a distinction. The reasoning of Payne v. Gardiner, 29 N. Y. 146, is quite as persuasive when applied to a demand nolo. There appears to bo no tenable ground for not applying the rule pertaining to- promissory notes payable on demand, and holding that the statute of limitations commenced to run ac. tho date of this certificate. Curran v. Witter, 68 Wis. 16 (31 N. W. Rep. 705); Mitchell v. Easton, 37 Minn. 335 (33 N. W. Rep. 910) ; Tripp v. Curtenius, 36 Mich. 494; Brummagin v. Tallant, 29 Cal. 504; Lynch v. Goldsmith, 64 Ga. 42; Hunt v. Divine, 37 Ill. 137. See First Nat. Bank of Rapid City v. Security Nat. Bank of Sioux City, 34 Neb. 71, 15 L. R. A. 386, and note 11 (s. c. 51 N. W. Rep. 305).