Factor

^ An agent who is commissioned by a merchant or other person to sell goods for him and receive the proceeds.? A commercial agent, transacting the mercantile affairs of other men, in consideration of a fixed salary or certain commission, and, principally, though not exclusively, in the buying and selling of goods.* An agent employed to sell goods or merchandise, consigned or delivered to him, by or for his principal, for a compensation called his " factorage " or commission.* Often called a "commission merchant" or "conr signee;" and the goods received by him a "consignment." When, for an additional compensation in ease of sale, he undertakes to guarantee the payment of the debt due by the buyer, he is said to receive a del credere commission; that is, a commission of trust or credit.' A factor or commission merchant may buy and sell in his own name, and he has the goods In his possession. A " broker " cannot ordinarily buy and sell in his own name and has no possession of the goods.' Domestic factor. A factor who resides in the same country with his principal. A foreign factor resides in a different country. A factor may sell sufficient of the merchandise to reimburse himself for advances, or to meet liabilities incurred, unless he has agreed not to do so, or the consignor is ready to reimburse him. He must obey the orders of his principal.' ' [Abbott's Law Diet. ^ L. facere^ q. v. " Cotton V. Hiller, 62i Miss. 13 (1876), Sunrall, C. J. * Lawrence v. Stonington Bank, 6 Conn. 537 (1827), Hosmer, C. J. » Story, Agency, §§ 33, 357; Duquid v. Edwards, 50 Barb. 295 08C7); Whart. Ag. § 784; JBxp. White, L. E., 6 C. Ap. 403(1871); 1 Pars. Contr. 78; 1 Bl. Com, 437. « Slack V. Tucker, 23 Wall. 330 (1874), Bradley, J. To the extent of advances and charges, he has a lien, a special property, in the merchandise; and he may pledge articles to the amount of that lien. He may protect his possession by a suit against a' trespasser. He cannot sell to his own creditor in payment of his debt; nor can he delegate his authority without assent of the principal. Before he has effected a sale, the principal may reclaim possession by paying advances, interest thereon, and expenses.* The principal may sue and be sued on a contract made by the factor in his own name." If guilty of gross negligence in conducting the business, he forfeits all claim to compensation for his servites.'

See further Agent. raptor's Act. Statute of 6 Geo. IV (1826), c. 94.

Empowered a factor to pledge the goods, and protected persons who believed him to be the real owner. Statute of 6 and 6 Tict. (184S) further enabled him, as if the true owner, to enter into any agreement respecting the goods by way of "pledge, lien or security," excepting as to antecedent debts; and this, notwithstanding the lender is aware that the borrower is a factor only. Similar legislation exists in the States. Factorizing process. Trustee process; garnishment,* q. v,