Page:United States Statutes at Large Volume 47 Part 1.djvu/1251

 72d C ONGRESS. SESS. II. CH. 128 . FEBRUARY 27, 1933 . CrossREP'RmcOEs Deposit for exchange transfers title, see section 798. Poet, p. u se. Loan for exchange, see sections 810 et seq. pant, p. 12a3. OBLIGATIONS OF Ililr DEPOSITARY Obligations of do. positary. Delivery on demand. Poet, p .1229. SEC. 705. DEPOSITARY MUST DELIVER ON DEMAND .-A depositary must deliver the thing to the person for whose benefit it was deposited, on dem and, whe the r the de posi t was m ade for a sp eci fied tim e or not , unless he has a lien upo n the thing deposited, or has be en forbidden or prev ente d f rom doin g so by the real owner thereof, or by the act of the law, and has given the notice required b y section 708. CROSS RasEanrwre Care required of depositary, see section 725. Delivery, see sections 708 and 710. For a general lien on personalty dependent upon possession, see section 1393. Lien of innkeepers, see sections 785 et seq. Notice of adverse proceedings, see section 708. SEC. 706. NO O BLIGATION TO DELI VER WITHOUT DEM AND .-A deposi- tary is not bound to deliver a thing deposited without demand, even where the d eposit is made for a specified time. SEC. 707. PLACE OF DELIVERY .-A depositary mu st deliver the thing deposited at his residence or pla ce of business, as may be mo st con- ve ni ent for him. S EC. 708 . NOTICE TO OWN ER OF A DVER SE CLAIM.-A depositary must give prompt no tice to the per son for whose be nefit the deposi t was made, of any proceedings taken adversely to his interest in the thing deposited, whi ch may tend to excuse the depos itary from deliv ering the thing to him. SEC. 709 . NOTICE TO OWNER OF THING WRONGFULLY DETAINED .-A depositary w ho believes that a thing deposit ed with him is w rong- ful ly detained fr om its tr ue owner, may give him notice of the deposit ; and if within a reasonable time afterwards he d oes not claim it, and sufficiently esta blish his right t hereto, and inde mnify the depositary ag ain st the claim of the depositor, the depositary is exonerated from liability to the person to whom he gave the notice, upon returning the thing to the depositor, or assuming, in good faith, a new obligation changing his position in respect to the thing, to his prejudice. SEC. 710. DELIVERY OF THING OWNED JOINTLY, ETC.-If a t hing depo sit ed is ow ned joi ntly or in common by pe rson s who can not agree upon the manner of its delivery, the depositary may deliver to each his prope r share thereof , if it can be d one without inju ry to the thing. SEC. 711. J OINT DEPOSITS BY MO RE T HAN ONE PERSON .-When a depo sit is made in the nam e of two or more persons, deliverable or paya ble to eith er or to the ir s urv ivor or surv ivor s, s uch dep osit or any part thereof, or increase th ereof, may be de livered or paid to either of s aid persons or to the survivor or survivors in due course of business. CROSS REFERENCE Performance to one of joint creditors, see section 448, Post, p. 1308 . Post, p. 1740. No obligation to de • liver without demand . Place of delivery. 1227 CROSS REFERENCE Delivery on sales, see sections 837 et seq. Ante, p .1212. Notice to owner of adverse claim. Of thing wrongfully detained. Delivery of thin g owned jointly, etc. Joint deposits. Ante, p. ie e.