431. Bills sent for collection.

431.     Bills sent for collection.

Bills which are remitted by a customer to a banker, and which are not carried by the banker to the customer's credit until the proceeds are received, will not, if undisposed of before bankruptcy, pass on the banker's bankruptcy to the trustee, but will belong to the customer subject to the banker's lien, being treated as sent to the banker merely for the purpose of obtaining payment when due1.

If there is a contract express or implied between the banker and the customer that bills transmitted by the customer should be treated