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SUPREME COURT The State Bank of Northwood, a corporation, and Samuel Loe, as Receiver of the State Bank of Northwood, appellants. 1. Where in evidence of a loan actually made to a bank, the lending bank accepts from the borrowing bank a note signed by the latter's cashier, personally, and endorsed by the borrowing bank, this being done to avoid disclosing on the face of the transaction an excessive loan to the borrowing bank, the borrowing bank is not thereby relieved of its obligation as a debtor. 2. Where an officer of a bank without authority to do so, borrowed money in the name of his bank and pledged certain of the bank's assets as security for the loan, and the borrowed money was received and used by the bank and the transaction was such that the directors had, or ought to have had knowledge of it, the corporation is estopped to deny the authority of its officer to make the contract in its behalf by which the money was procured. 3. The defendant bank had sold certain of its lands under executory contracts, which provided that the title should be conveyed to the vendees on payment of the purchase price, which was to be paid by installments, the vendees, meantime, being given possession. Each future installment of the purchase price was represented by the vendee's note. The defendant bank assigned these contracts with accompanying notes to the plaintiff as collateral security for the former's debt to the latter. In connection with this assignment, and as part of the same transaction, the defendant bank conveyed the legal title of the lands described (in said contracts to the plaintiff. Held; that the conveyance of the land cannot, so long as the vendee's contracts are in force, be considered as such; but that the conveyances transferred to the plaintiff the legal title of the lands to be held by it in trust as security for the purchase price of the lands by the vendees; such title to be conveyed to the purchasers when the latter had performed the conditions of the contracts. Although a certificate of deposit, payable on demand after a stated period, contains a stipulation that it shall not bear interest after maturity, the holder thereof is entitled to legal interest thereon from the date when the bank fails or refuses to meet a demand of payment when payment is due. Appeal from the district court of Grand Forks county; C. J. Fisk, judge. Charles F. Templeton, for appellants. Guy C. H. Corliss, for respondent. Opinion of the court by Engerud, judge. Judgment of the district court modified and affirmed, with costs in favor of the respondent.