Factor

An agent employed to sell goods or merchandise consigned or delivered to him, by or for his principal, for a compensation, commonly called "factorage" or "commission." Paley, Ag. 13; 1 Livermore, Ag. 68; Story, Ag. § 33; Comyn, Dig. "Merchant" (B); Malynes, Lex. Merc. 81; Beawes, Lex. Merc. 44; 3 Chit. Com. Law, 193; 2 Kent, Comm. (3d Ed.) 622, note (d); 1 Bell, Comm. 385, §§ 408, 409; 2 Barn. & Aid. 143. A domestic factor is one who resides in the same country with his principal. A foreign factor is one who resides in a different country from his principal.

1 Term R, 112; 4 Maule & S. 576.

A "factor" differs from a "broker" in that he is intrusted with the possession and management of the goods to be sold, while a broker has only an agency to sell, or possession of documents.

Story, Ag. § 33.

In Maritime Law. A factor was anciently an agent who accompanied the ship, the cargo being consigned for sale, and fie being empowered to purchase a return cargo out of the proceeds. Such an agent is usually called a "supercargo."

Beawes, Lex. Merc. 44, 47.