94 BULLETIN 110 6, U. S. DEPARTMENT OF AGRICULTURE 
an unreasonable length of time after its execution. In those States 
in which the defense of a want of consideration can not be success- 
fully made by the maker of accommodation paper as against one 
who took it after it was due, it follows that he could not make it as 
against one who took a demand accommodation note an unreasonable 
time after its execution. 
A note executed by a member of a cooperative association and 
delivered to it, and on which the association could not successfully 
sue the member, and on which money had not been borrowed or 
credit obtained, is not a part of the assets of the association. If the 
association fails or goes into the hands of a receiver, the receiver 
could not enforce such a note against the member, for he stands in 
no better position than did the association.* On the other hand, if 
the note is one on which the association could successfully sue, it 
follows that it is part of the assets of the association, and a receiver 
would be able to maintain a suit thereon. 
In a Michigan case the receiver for a cooperative association 
brought suit on demand notes which were given by 34 members of 
the association and which were in possession of the association at 
the time the receiver took charge of its affairs. The notes were given 
for the purpose of being used as collateral security, and they so 
specified. Inasmuch as they had not been used for this purpose, the 
court held that the members were not liable on the notes and that 
they in no way constituted assets of the association. 5 
If an association borrowed money on its note, giving as collateral 
security demand notes signed by members of the association, the 
person who loaned the money, in the event the note evidencing the 
same was not paid at maturity, would have the right to bring suit 
on a sufficient number of the demand notes to pay his claim, without 
his bringing suit against the association on its note. 6 
Normally, if an association borrowed money on its own note, which 
was signed on its behalf by its proper officers, the officers would not 
be personally liable for the amount involved. An officer in signing 
an association note should make it entirely plain upon the face 
thereof that he is signing in his official and not in his personal 
capacity. The normal way is for the name of the association to be 
affixed to the note by a proper officer, with a statement thereunder 
that it was affixed thereto " by " him. Although members of an asso- 
ciation are not liable for its debts under the statute under which an 
association is formed, this does not prevent members from giving 
or endorsing notes to or for the association on which they may be 
held liable. 
AGENCY 
COOPERATIVE ASSOCIATIONS AS AGENT 
As a general rule, whatever an individual may do in person he 
may do through an agent. And the doctrine is well established that 
one who acts through an agent acts himself. An agent derives all of 
his authority from his principal — the one for whom he is acting. 
* Rankin v. City National Bank, 208 U. S. 541 ; Skud v. Tillinghast, 195 F. 1 ; In re 
Tasker's Estate, 182 pa. 122, 37 A. 924 
B Runciman v. Brown, 223 Mich. 298, 193 N. W. 880 ; Taylor v. Rugenstein, Mich. 
■ , 222 N. W. 107. 
•Packard v. Abell, 113 N. Y. S. 1005. 
