Page:United States Statutes at Large Volume 47 Part 1.djvu/1291

 72d CONGRESS. SESS. II. CH. 128. FEBRUARY 27, 1933 . Cross REs's sm os Agent to collect, see section 877. Ante, p. 1251. SEB. 1062. AUTHORrrY OF SPECIAL AGENT TO RECEIVE PRICE .-A spe - re Of spca, agent cial agent to sell has authority to receive the price on delivery of the thing sold, but not afterwards. Mutual obligations MUTUAL OBLIGATIONS OP PRINCIPALS AND THIRD PERSONS or principals and third persons. S EC. 1063. PRINCIPAL, HOW AFFEC TED BY ACTS OF AGENT WITHIN Acts or agen t withla scope or aut hority. TH1+J SCOPE OF HIS AtrrHoRITY .An agent represents his principal for all -purposes within the scope of his actual or ostensible authority, and all the right s and liabilities wh ich would accrue to the agent from transactions within such limit, if they had been en tered into on his own account, accrue to the principal. Cross REFESENCE Extent of agent's authority, see sections 1052, 1055, 1056, and 1057. Sac. 1064. PRI NCI PA L, WHE N BOU ND BY INCOMPLETE EXECUTION OF AUTHORITY.-A principal is bound by an incomplete execution of an authority when it is consistent with the whole purpose and scope thereof, but not otherwise. Sac. 1065 . NOTICE TO AGENT1 WHEN NOTICE TO PRINCIPAL.-AS against a principal, both principal and agent are deemed to have notice of whatever either has notice of, and ought, in good faith and the exercise of ordinary care and diligence, to communicate to the other. SEC. 1066 . OBLIGATION OF PRIN CIPAL WHEN AGENT , EXC EEDS HIS AUTHORITY .--When an agent exceeds his authority, his principal is bound by his authorized acts so far only as they can be plainly sep- ara ted from tho se w hich are unau thor ized. SEC. 1067. FOR ACTS DONE UNDER A M ER E L Y OSTENSIBLE AUTHORITY .- A principal is bound by acts of his agent, under a merely ostensible 1267 SEC. 1058 .-Atrrno ITY TO BE CONSTRUED BY ITS SPEUUiIC RATHER Authority construed THAN BY ITS GENERAL TERMS.-When an authority is given partly in by specific terms. general and partly in specific terms, the general authority gives no higher powers than those specifically mentioned. SEC. 1059. EXCEPTIONS TO GENERAL A UTtiORITY.-An authority ex- Exceptions to general y authority. pres sed i n gen eral term s, h oweve r bro ad, does not autho rize an agent : 1 . To act in his own name, unless it is the usual course of business todoso; 2 . To define the scope of his agency ; or 3. To do any act which a trustee is forbidden to do by sections 996 to 1007. Cross REFERENCES Defining scope of agency, see section 1058 (2) . Ante, p .1288. Obligation of trustees, see sections 996 to 1007. ante, p. I25e. SEC. 1060 . W HAT INCLUDED IN AUTHORITY TO SELF PE RSO NAL PRO P- Aut hori tyt ose llpe r sonal property. Ewr .-An authority to sell, personal property includes authority to warr ant the tit le of the principal and the quality and quantity of the property. SEC. 1061. AUTriOBITY OF GENERAL AGENT TO RECEIVE PRICE OF PROP- Authority to receive ERTY.-A general agent to sell, who is intrusted by the principal or property. with the possession of the thing sold, has authority to receive the price. Ante, p. 1288. When principal bound by incomplete execution or authority. Notice to agent, notice to arincipal. to as Obligation when agent exceeds aut hor- ity. Acts done under oa tensil le authority.