North Dakota Code 3-06-02 – Authority of factors
Current as of: 2023 | Check for updates
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In addition to the authority of agents in general, a factor has actual authority from the factor’s principal unless specially restricted:
Terms Used In North Dakota Code 3-06-02
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Person: means an individual, organization, government, political subdivision, or government agency or instrumentality. See North Dakota Code 1-01-49
- Property: includes property, real and personal. See North Dakota Code 1-01-49
1. To insure property consigned to the factor uninsured.
2. To sell property consigned to the factor on such credit as is usual, except such things as it is contrary to usage to sell on credit, but having once agreed with the purchaser upon the terms of credit, a factor may not extend it, nor may the factor pledge, mortgage, or barter the property so consigned.
3. To delegate the factor’s authority to the factor’s partner or servant, but not to any person in an independent employment.