Page:United States Statutes at Large Volume 47 Part 1.djvu/1292

 1268 Ants, p. 1288. When exclusive credit given agent. Sac. 1068 . WHEN EXCLUSIVE CREDIT IS GIVEN TO AGENT :If exclu- sive credit is given to an agent by the person dealing with him, his principal is exonerated by payment or other satisfaction made by him to his a gent in good faith, before recei ving notice of the creditor's election to hold him responsible. Rights of nd isclpe rson SEC. 1069. RIGHTS OF PEI ON WHO DEALS WITH AGENT WITHOUT against u osed princip alL aNOWLEDGE of AGENCY.-One who deals with an agent without know- ing or having reason to believe that the agent acts as such in the transaction, may set oft against any claim of the principal arising out of the same, all claims which he might have set oft against the agent before notice of the agency. to bl indp i neiA dad Sac. 1070. INSTRUMENT TEND ED TO BIND PRISTCIPAL DOES BIND -An instrument within the scope of his authority by which an agent intends to bind his principal, •does hind him if such intent is plainly inferabl e from the instr ument ?tself. Sac. 1071. PRINCIPAL'S RESPONS• BJLTF TOR AGENT'S NEGLIGENCa, WRO NG FUL ACT, ox oMIssroN:Unless required by or under the author- ity of law to employ that particular agent, a principal is respo nsible to third persons for the negligence of his agent in the tr ansaction of the business of the agency, including wrongful acts co mmit ted by such agent in and as a part of the transaction of sueh business, and for his willful omission to fulfill the obligations of the principal. Exc ept ion . Sac. 1072. SAME-A principal is responsible for no other wrongs committed by his agent than those mentioned in section 1071, i Mess he has authorized or ratified them, even though they are committed while the agent is engaged in hi s service. Liability for agent's negligence, etc. Obligations of agents to third persona . Warranty of author- ity. Foal, p.1322. When personauy lia- ble. Obllgauon to surren- der property to third person. 72d CONGRESS. SESS. II. CII. 128 . FEBRUA1 Y 27, 1933 . authority, to those persons only who have in good faith, and without want of ordinary care, incurred a liability or parted with value, upon the fa ith ther eof. Cross RE 1*mssxcs Ostensible authority, see sections 1054 to 1056. OB LIGA TION S OF AGEN TS TO T HIRD PER SONS Sac. 1073. WAaaANTY OF AUT aoar rY .-One who a ssumes to act as an agent ther eby wa rrant s, to all who deal with him in that capacity, that he has the authority which he assumes. Cross R awes Damages for breach of warranty of authority, see section 1612. SEC. 1074. AGENT'S RESPONSIBILITY TO THIRD PER SONS .-On e who assumes to act a s an agent is re sponsible to thi rd persons as a p rin- cipal for his acts in the course of his agency, in any of the following cases, and in no others 1 . When, with his consent, credit is giaen to him personally in a transaction ; 2 . When he enters into a written contra ct in the name o f his prin- cipa l, with out bel ievi ng, in good faith, that he has authority to do so;or 3 . When his acts are wrongful in their nature. SEC. 1075. OBLiaATION OF AGENT TO SU RRENDER PROPERTY TO THTTD pERSON .- I f an agent receives anything for the benc'ri L his prin. cipal, to the possession of which another perso~ i' ent :ch' 1, he must, on demand, surrender it to such person, or so much of it as he has under his control, at the time of demand, on being indemnified for any advance which he has made to his principal, in good faith, on