LEGAL PHASES OF COOPERATIVE ASSOCIATION'S. 31 
that existed between the original parties. 8 Of course, if the maker 
would not have a defense to a suit on the note if brought by the 
original payee, he would not have a defense to a suit instituted by 
one who took the note from the original payee either before or 
after maturity. With respect to accommodation paper payable on 
demand, in those jurisdictions where a want of consideration may 
be shown by the maker as against one who took such paper after 
it was due, the maker may successfully plead this defense as against 
one who took the demand accommodation note an unreasonable 
time after its execution. In a North Dakota case 9 it was said: 
" It is well established that a note payable on demand is due within 
a reasonable time after its date, and there are practically no au- 
thorities which hold that such a reasonable time can be extended 
beyond a year.' 5 
In a doubtful case it would be a question for the jury to deter- 
mine whether a note had been sold or delivered as collateral for a 
loan an unreasonable length of time after its execution. In those 
States where the defense of a want of consideration can not be 
successfully 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 un- 
reasonable 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. In case 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 
the association. 10 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. 
AGENCY. 
COOPERATIVE ASSOCIATIONS AS AGENTS. 
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. 
Cooperative associations frequently act as agents for members in the 
sale of produce or the purchase of supplies, and it is therefore impor- 
s Otis Kiev. Co. v. Ford, 27 Del.- 2S6, SS Atl. 405. 
9 Adan v. Grand Forks Merc. Co., 24 N. D. 645, 140 X. W. 725, 47 L. R. A. (X. S.) 240. 
10 Rankin v. City Nat'l Bank, 20S U. S. 541 ; Skud v, Tillingkast, 195 Fed. 1 ; In Taskers 
Estate, 182 Fa. 122. 
