Welton

delivered the opinion of the Court.

When this case was first argued, I came to the conclusion that a certificate of deposit was a non-negotiable security, and, upon that hypothesis, it was very clear that, like all other unnegotiable paper, whoever claims it, must do so in the name of the payee, and, consequently, the defense of “payment to the * depositor,” would be valid '[40], against all others. After a re-argument of the cause, I am satisfied that my first opinion was incorrect.

The common use of this kind of security is of recent, origin, and they have, therefore, not been made the subject of judicial decision, as far as I can discover. An examination into their specific character, shows that, although differing in form from a promissory note, yet they have all of its important incidents. Each contains a promise by one person to pay another person, absolutely and unconditionally, a certain sum of money, at a time specified therein. The rules of law, in reference to all securities, ought to be applied according to the nature of the security, and not be influenced by the name by which the paper is commonly *41 known. I have, therefore, no longer any doubt that these…