Such obligation, under the circumstances, would not be performed until the trust property was remitted to the claimant in Chicago. Andrew, Supt., v. State Bank of Dexter, 204 Iowa 565, 215 N.W. 742; Messenger v. Carroll Trust Savings Bank, 193 Iowa 608, 187 N.W. 545; Leach v. Battle Creek Savings Bank, 202 Iowa 875, 211 N.W. 527. See, also, Leach v. Farmers Trust Savings Bank of Dedham et al., 204 Iowa 1343, 217 N.W. 445; Wells Oil Co. v. Marcus Oil Supply Co., 206 Iowa 1010, 221 N.W. 547, 65 A.L.R. 1145; Andrew, Supt., v. Hamilton County State Bank, 207 Iowa 405, 223 N.W. 176; Andrew, Supt., v. Peoples Savings Bank ( 207 Iowa 948, 222 N.W. 8), supra; Andrew, Supt., v. Hartley State Bank, 207 Iowa 407, 219 N.W. 929; Leach, Supt., v. Farmers Merchants Savings Bank of Mount Pleasant, 207 Iowa 471, 220 N.W. 10; Southern Surety Co. v. West Side Savings Bank, 207 Iowa 910, 223 N.W. 865; Mandel v. Siverly, 213 Iowa 109, local citation 118, 238 N.W. 596. So, when the money was thus collected by the bank, it remained therein as a trust fund. See cases above cited.
" See, also, Pollak Bros. v. Niall-Herin Co., 137 Ga. 23, 72 S.E. 415, 35 L.R.A. (N.S.) 13; Wells Oil Co. v. Marcus Oil Supply Co., 206 Iowa 1010, 221 N.W. 547, 65 A.L.R. 1145; Northwestern National Bank v. Reed, 53 S. Dak. 222, 220 N.W. 509. What motive or reason caused the collecting bank to make no record of the payment, and why it refrained from making remittance to appellant, we need not inquire. It is enough to say that the jury found, and the evidence amply sustains that finding, that payment was actually made by respondent of his notes, and that "payment is effected by the acts and not by the record, and is valid even without records."
In the late case, Poweshiek County v. Merchants National Bank of Grinnell, 209 Iowa 467, 228 N.W. 32, we held that the principle announced in the Messenger case, and subsequently followed in other similar cases, does not apply unless the record shows a sufficient amount of cash on hand in the bank to make payment of the checks at the time of the transaction if demanded. Also see Wells Oil Company v. Marcus Oil Supply Company, 206 Iowa 1010, 221 N.W. 547, 65 A.L.R. 1145. In view of the record that the bank did not have sufficient cash on hand on June 30th, the date of the issuance of the draft, to pay the checks had money been demanded, it must be held that the claimant did not pay money, nor the equivalent of money, for the draft.
In this respect it is differentiated in a later case in the same court. Wells Oil Co. v. Marcus etc., supra, 65 A.L.R. 1151. It is also held in one case not to be a payment, if the drawee merely indorses his acceptance on the draft without giving a check in settlement, though it was customary for the bank to charge on the deposit account the amount of the accepted draft.