432. Rule in ex parte Waring.

432.     Rule in ex parte Waring.

If both the customer and the banker are insolvent and the customer has deposited with the banker bills or goods to cover his acceptances, the holder of the acceptances will be entitled to have the bills or goods applied in the discharge of the acceptances1, not because the holder of the bills has any lien on the bills or goods deposited with the banker or any equity to have them so applied, but in order to work out the equities between the two insolvent estates2.