What is BANKING? Definition of BANKING in Black's Law Dictionary - Legal dictionary - Glossary of legal terms.
The business of receiving money on deposit, losaning money, discounting notes, issuing notes for circulation, collecting money on notes deposited, negotiating bills, etc. Bank v. Turner, 154 Ind. 456, 57 N.E. 110.
The business of banking, as defined by law and custom, consists in the issue of notes payable on demand intended to circulate as money when the banks are banks of issue; In receiving deposits payable on demand ; in discounting commercial paper ; making loans of money on collateral security; buying and selling bills of exchange; negotiating loans, and dealing in negotiable securities issued by the government, state and national, and municipal and other corporations. Mercantile Bank v. New York, 121 U.S. 138, 156, 7 S.Ct. 826, 30 L.Ed. 895 ; In re Prudence Co., D. C.N.Y., 10 F.Supp. 33, 36.
Having a place of business where deposits are received and paid out on checks and where money is loaned on security is the substance of the "business of banking." Marvin v. Kentucky Title Trust Co., 218 Ky. 135, 291. S.W. 17, 18, 50 A.L.R. 1337; State of Kansas ex rel. Boynton v. Hayes, C.C.A.Kan., 62 F.2d 597, 600.
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That's the definition of BANKING in Black's Law Dictionary - Legal dictionary - Glossary of legal terms. Courtesy of Cekhukum.com.