3-06-05. Liability under guaranty commission.
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/nd/title-03/chapter-3-06-factors/3-06-05·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A factor who charges the factor's principal with a guaranty commission upon a sale thereby assumes absolutely to pay the price when it falls due as if it were a debt of the factor's own and not as a mere guarantor for the purchaser, but the factor does not thereby assume any additional responsibility for the safety of the factor's remittance of the proceeds.