or belonging to another person than the depositor to the
payment of his note. Generally a bank declines to pay a note that is
overdue though there is no law, except in a few states, against paying
it should the bank decide to do so. In all cases a depositor may make
any application of his deposit he desires, for it is his own and the
bank cannot divert it in any way against his direction.

A receipt taken in payment of a debt is not conclusive evidence of
payment and may be contradicted by other evidence, though it is
regarded on its face as payment. When received, a receipt should be
kept for at least six years, because it is such strong evidence of
payment. After that period the statutes of limitation in most states
have the effect of canceling a debt, on the theory or presumption that
it has been paid. If the debtor afterward promises to pay, his new
promise is valid though there is no consideration therefor, and he is
legally required to pay the debt.

Should a receipt also contain any other statement or contract beside
the payment of money, this would have the same effect as any other
contract between the parties, and would be equally binding on them.

The effect of a seal after the receiptor's name may be explained in
this connection. A sued B and C for a debt. Before trial he gave C a
receipt stating that if he did not recover from B he would
nevertheless not hold C liable. Having failed in his suit against B,
he sought to hold C notwithstanding his receipt releasing him. And he
succeeded for the reason that his release was given without
consideration and therefore was worthless. Had A added after his name
a seal this would have imported or implied a consideration and the
receipt would have been an effective release.

=Prescriptive rights.=--A person may gain rights in the land of
another by acting in such a way as to indicate that he clearly makes a
claim to them. Thus, if a man goes over the land of another in the
same direction to his own land for a period of fifteen years or
longer, the period differing in the several states, he acquires the
right to continue, in other words he acquires a permanent right of way
by such action. As such a right is contrary to the interest of
another, it cannot be gained against a person who is incapable of
preventing the acquisition of such a right if he pleases. Such a
right, therefore, cannot be gained against a minor, nor an insane
person, nor any one who is incapable