Del Credere Commission
Defined in 3 dictionaries — Cyclopedic (1922), Ballentine's (1916), Bouvier (1914)
The Cyclopedic Law Dictionary
Walter A. Shumaker and George Foster Longsdorf; ed. James C. Cahill · 1922
An additional commission received by a factor in consideration of his engaging to insure to his principal not only the solvency of the debtor, but the punctual discharge of the debt. 104 Mass. 497; 47 Barb. (N. Y.) 9; 33 Mo. 412. He was formerly held to be a principal debtor, but it is now well settled that his liability is only as a guarantor. Story, Ag. (9th Ed.) § 215; 5 Hill (N. Y.) 458.
Ballentine's Law Dictionary
James A. Ballentine · 1916
Bouvier's Law Dictionary and Concise Encyclopedia
John Bouvier; revised by Francis Rawle · 1914
One under which the agent, in consideration of an additional payment, engages to become surety to his principal for not only the solvency of the debtor, but the punctual discharge of the debt. 21 W. R. 465; L. R. 6 Ch. App. 397. He is liable, in the first instance, without any demand from the debtor. The principal cannot sue the del credere factor until the debtor has refused or neglected to pay; 1 Term 112; Paley, Ag. 39. See Pars. Contr.; Story; Wharton; Mechem, Agency. He is virtually a surety; 8 Ex. 40; and the purchaser is the primary debtor; Gindre v. Kean, 7 Misc. 582, 28 N. Y. Supp. 4. He is distinguished from other agents by the fact that he guarantees that those persons to whom he sells shall perform the contracts which he makes with them; L. R. 6 Ch. 403.