Bank. A bank is an institution for lending, borrowing, issuing or caring for money. It may be either
incorporated or private. The New York State law thus defines bank: "Any moneyed corporation
authorized by law to issue bills, or notes, or other evidences of debt for circulation as money, or to
receive deposits of money, and commercial paper, and to make loans thereon; and to discount
bills, notes, or other commercial paper, and to buy and sell gold and silver bullion or foreign coins,
or bills of exchange."
incorporated or private. The New York State law thus defines bank: "Any moneyed corporation
authorized by law to issue bills, or notes, or other evidences of debt for circulation as money, or to
receive deposits of money, and commercial paper, and to make loans thereon; and to discount
bills, notes, or other commercial paper, and to buy and sell gold and silver bullion or foreign coins,
or bills of exchange."
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