North Dakota Statutes
§ 3-06-05 — Liability under guaranty commission
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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North Dakota § 3-06-05 (Liability under guaranty commission) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
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 terms