North Dakota Statutes
§ 3-06-05 — Liability under guaranty commission
North Dakota § 3-06-05
This text of North Dakota § 3-06-05 (Liability under guaranty commission) 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 § 3-06-05 (2026).
Text
A factor who charges the factor's principal with a guaranty commission upon a sale thereby
assumes absolutely to pay the price when it falls due as if it were a debt of the factor's own and
not as a mere guarantor for the purchaser, but the factor does not thereby assume any
additional responsibility for the safety of the factor's remittance of the proceeds.
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Nearby Sections
15
§ 3-01-01
Definition§ 3-01-02
General and special agent defined§ 3-01-03
Actual and ostensible agency defined§ 3-01-05
Authorization to agent§ 3-01-06
How agency created§ 3-01-07
No consideration necessary§ 3-01-09
Retroactive ratification limited§ 3-01-10
Rescission of ratification§ 3-01-11
Termination of agency§ 3-02-01
Acts done by or to agent§ 3-02-02
Actual or ostensible authority§ 3-02-03
Agent authority§ 3-02-04
Authority limited to specific termsCite This Page — Counsel Stack
Bluebook (online)
North Dakota § 3-06-05, Counsel Stack Legal Research, https://law.counselstack.com/statute/nd/3-06-05.