Montana Code 30-11-606. Authority of factor
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30-11-606. Authority of factor. In addition to the authority of agents in general, a factor has actual authority for the principal, unless specially restricted, to:
Terms Used In Montana Code 30-11-606
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
- Property: means real and personal property. See Montana Code 1-1-205
- Usage: means a reasonable and lawful public custom concerning transactions of the same nature as those which are to be affected thereby, existing at the place where the obligation is to be performed, and either known to the parties or so well established, general, and uniform that the parties must be presumed to have acted with reference thereto. See Montana Code 1-1-206
(1)insure property consigned to the factor uninsured;
(2)sell on credit anything entrusted to the factor for sale, except things that it is contrary to usage to sell on credit, but not to pledge, mortgage, or barter the things; and
(3)delegate the factor’s authority to the factor’s partner or servant but not to any person in an independent employment.