California Codes, Civil Code - CIV, Division 3 — Obligations, Part 4 — Obligations Arising from Particular Transactions, Title 6 — Service, Chapter 2 — Particular Employments, Article 3 — Factors, Section 2029
A factor who charges his 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 his own, and not as a mere guarantor for the purchaser; but he does not thereby assume any additional responsibility for the safety of his remittance of the proceeds.
Notes
Establishes that a factor charging the principal a guaranty commission on a sale assumes absolute responsibility to pay the price when due as though it were the factor's own debt, rather than merely guaranteeing the purchaser. Limits that assumption by excluding additional responsibility for the safety of remitting the sale proceeds.
Use as reference
Lexinter.net | California Code, Civil Code - CIV § 2029 | https://laws.lexinter.net/codes/california/civil-code/division-3/part-4/title-6/chapter-2/article-3/section-2029