Page:United States Statutes at Large Volume 47 Part 1.djvu/1275

 72d CONGRESS. SESS. II. CH. 128. FEBRUARY 27, 1933 . AGENTS SEC. 875 . AGENT TO CONFORM TO HIS AUTHORITY .-An agent must not exceed the limits of his actual authority, as defined by chapter M of this code on agency. Cross REFsrzNCES Actual authority, see section 1053. Agency, see sections 1035 et seq. Ostensible authority, see section 1054. SEC. 876. MUST KEEP HIS PRINCIPAL INFORMED .-An agent must use ordinary diligence to keep his principal informed of his acts in the course of the agency. SEC. 877. COLLECTING AGENT .-An agent employed to collect a negotiable instrument must collect it promptly, and take all meas- ures necessary to charge the parties thereto, in case of its dishonor and, if it is a bill of exchange, must present it for acceptance with reas onabl e dil igenc e. SEC. 878 . RESPONSIBILITY OF SUBAGENT .-A mere agent of an agent is not responsible as such to the principal of the latter. FACTORS Cross REF ERENOE Lien of factor, see section 1396. SEC. 879 .-FACTOR, WHAT .-A factor is an agent who, in the pur- suit of an independent calling, is employed by another to sell prop- erty for him, and is vested by the latter with the possession or control of the property, or authorized to receive payment therefor from the purchaser. Caoss REFEaai ccss Factor, w hat, see sec tion 1082. Factor's authority, see sections 1083 and 1084. Factor's power to pledge principal's goods, see sections 1083 and 1372 SEC. 880. OBEDIENCE REQUIRED FROM FACTOR. -A factor must obey the in struct ions of his prin cipal to th e same exte nt as any o ther employee, notwithstanding any advances he may have made to his principal upon the property consigned to him, except that if the principal forbids him to sell at the market price, he may, never- theless, sell for his reimbursement, after giving to his principal reasonable notice of his intention to do so, and of the time and place of sale, and proceeding in all respects as a pledgee. SEC. 881 . ALES ON CREDIT.-A factor may sell property consigned to him on such credit as is usual ; but, having once agreed with the purchaser upon the term of credit, may not extend it. Lros$ REFERENCE Authority to sell on credit, see section 1083. SEC. 882 .-LIABILITY OF FACTOR UNDER GUARANTY COMMISSION .-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 respon- sibility for the safety of his remittance of the proceeds. SEC. 883 . FACTOR CAN NOT RELIEVE HIMSELF FROM LIABILITY .-A factor who receives property for sale, under a general agreement or usage to guarantee the sales or the remittance of the proceeds, Agen ts. Post, p .1266. Post, p 1264. Post, p. 1266 . Must keep principal informed. Collecting agent. Factors. Post, p. 1307. "Facto r" def ined. Sales on credit. 1251 Agent to conform to his authority. Post, p. 1264. Responsibility of sub. agent. Post, p .1269. Post, p. 1269 . Post, pp. 1269,1304. Obedience required. Post, p. 1269. Liability of, under guaranty commission. Factor can not relieve himself from liability.