Functus

See Ofpicium, Functus, etc. FUND; FUNDS.i A deposit of resources; stock or capital; money invested for a specific object; revenue: as, the fund of a bank, or of a trust. - " Funds," as employed in commercial transactions, usually signifies money.s A " fund " is merely a name for a collection or an appropriation of money.* "While the restricted meaning of "funds" is cash on hand, the broader meaning includes property of evei-y kind, when such property is specially contemplated as something to be used or applied in the payment of debts. Thus, for example, as employed in a statute, may comj)rehend all the resources of a corporation.' Current funds. Current money; currency, q.

V.

Funded debt

The term "fund" was originally applied to a portion of the national revenues set apart or pledged to the payment of a particular debt. And a " funded debt " 1 F. fondy tb merchant's stock: L. fundus, bottom.

Whence "fundamental." " See Webster's Diet. 3 Galena Ins. Co. v. Kupfer, 28 Dl. 335 (1868).

See 91 N. T. 65; 24 N. J. E. 368. was a debt for the payment of the principal or interest of which some fund was approjiriated.i Funding. Has been applied to the process of collecting together a variety of outstanding debts against corporations, the principal of which was payable at short periods, and borrowing money upon the bonds or stocks of the corporation to pay them off; the principal of such bonds or stocks being made payable at periods comparatively remote. The word is never used to describe an ordinary debt growing out of a transaction with an individual and represented by a, single instrument.! Fundholder. A person to whose custody money is committed, or into whose care trust funds come. Compare Stakeholder. Wo funds. No resources or assets, as when it is said that a trustee has " no funds; " also no money on deposit to one's credit, as when a draft drawn upon a bank is returned "no funds." If a formal demand is made, during banking hoius, by the holder of a note, at the bank where it is payable, and there are no funds, it is the duty of the bank to say that there are "no funds; " and there is then a breach of the contract on the part of the maker, and notice thereof would bind the indorsers. There is na necessity for a personal demand upon the maker elsewhere. But if no such demand is made, and the note is only sent or placed in the bank for collection, then the maker has till the close of business hours to make payment. Sending a note through the clearing-house is not a formal demand for immediate payment made during business hours, but is equivalent to leaving the note at the bank for collection from the maker on or before the close of banking hours.'^ See Assignment, Equitable.

Public funds

The stock of a public debt; securities of government.^ Sinking "fund. Money, arising from particular taxes or duties, appropriated toward the payment of the principal and interest of a public loan.* See Identity, 2; Marshal, 8.