3-06-02. Authority of factors.
108 words·~1 min read·
/nd/title-03/chapter-3-06-factors/3-06-02·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
In addition to the authority of agents in general, a factor has actual authority from the factor's principal unless specially restricted:
1. To insure property consigned to the factor uninsured.
2. To sell property consigned to the factor on such credit as is usual, except such things
as it is contrary to usage to sell on credit, but having once agreed with the purchaser
upon the terms of credit, a factor may not extend it, nor may the factor pledge,
mortgage, or barter the property so consigned.
3. To delegate the factor's authority to the factor's partner or servant, but not to any
person in an independent employment.