North Dakota § 3-06-02 Authority of factors

North Dakota Statutes

§ 3-06-02 — Authority of factors

North Dakota § 3-06-02

Title 3Agency

Ch. 3-06Factors

This text of North Dakota § 3-06-02 (Authority of factors) is published on Counsel Stack Legal Research, covering North Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.D. Cent. Code § 3-06-02 (2026).

Text

In addition to the authority of agents in general, a factor has actual authority from the factor's principal unless specially restricted:

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.

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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:
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.