Page:United States Statutes at Large Volume 76A.djvu/276

–180– -180his service, of such a nature that, if the master had known or contemplated it, he would not have so employed the servant. Subchapter II—Agents § 2251. Conformity to limits of authority An agent may not exceed the limits of his actual authority, as defined by chapter 75 of this title on agency. § 2252. Duty to keep principal informed An agent shall use ordinary diligence to keep his principal informed of his acts in the course of the agency. § 2253. Collecting agent An agent employed to collect a negotiable instrmnent shall collect it promptly, and take all measures necessary to charge the parties thereto, in case of its dishonor; and, if it is a bill of exchange, shall present it for acceptance with reasonable diligence. § 2254. Responsibility of subagent A mere agent of an agent is not responsible as such to the principal of the latter. Subchapter III—Factors § 2271. Factor defined A factor is an agent who, in the pursuit of an independent calling, is employed by another to sell property 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. § 2272. Obedience required from factor A factor shall obey the instructions of his principal to the same extent as any other 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, nevertheless, sell for his reimbursement, after giving to his principal reasonable notice of his intention to do so, and of Uie time and place of sale, and proceeding in all respects as a pledgee. § 2273. Sales 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. § 2274. Liability of factor under guaranty commission A factor who charges his principal with a guaranty commission upon a sale, thereby assvunes 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. § 2275. Relief 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, may not relieve himself from responsibility therefor without the consent of his principal.

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