59-9-3. Liability under guaranty commission.
60 words·~1 min read·
/sd/title-59/chapter-59-9/59-9-3A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A factor who charges his 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 his own, and not as a mere guarantor for the purchaser; but he does not thereby assume any additional responsibility for the safety of his remittance of the proceeds.