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Call Now: 904-383-7448Since peculiar confidence is reposed in a factor, he may, in the absence of instructions, exercise his discretion according to the general usages of the trade. In return, greater and more skillful diligence and the most active good faith are required of him.
(Orig. Code 1863, § 2090; Code 1868, § 2085; Code 1873, § 2111; Code 1882, § 2111; Civil Code 1895, § 2929; Civil Code 1910, § 3502; Code 1933, § 12-401.)
- If there is an express contract whereby goods will be held until a sale is authorized, the factor is bound by the terms of the agreement as actually made, and is liable to the owner for any damages which may be sustained by reason of an unauthorized sale. Wood & Bro. v. Jones & Son, 10 Ga. App. 735, 73 S.E. 1099 (1912); Campbell v. Redwine Bros., 22 Ga. App. 455, 96 S.E. 347 (1918).
§ 44-12-75 inapplicable to accounts receivable factor. - O.C.G.A. § 44-12-75 was originally intended to apply to a factor as bailee of merchantable goods, a practice rarely followed in modern day commerce, and thus it would be inappropriate to apply O.C.G.A. § 44-12-75 to an accounts receivable factor. Rather, the relationship between the parties to an accounts receivable factoring agreement must be governed by their contractual agreements and, to the extent applicable, the provisions of Title 9 of the Uniform Commercial Code. CC Fin., Inc. v. Ross, 250 Ga. 832, 301 S.E.2d 262 (1983).
Statutory duties of a factor do not apply to an accounts receivable factor. American Spacers, Ltd. v. Ross, 166 Ga. App. 829, 305 S.E.2d 659 (1983).
Cited in Burrus & Williams v. Kyle & Co., 56 Ga. 24 (1876); Hatcher & Baldwin v. Comer & Co., 73 Ga. 418 (1884); Willingham v. Rushing, 105 Ga. 72, 31 S.E. 130 (1898); Layton v. Central of Ga. Ry., 40 Ga. App. 330, 149 S.E. 431 (1929); American Spacers, Ltd. v. Ross, 164 Ga. App. 341, 296 S.E.2d 176 (1982).
- Account stated as between principal and factor, 3 A.L.R. 293.
Right of a factor, commission merchant, or produce broker to sell property to protect advances, 40 A.L.R. 387.
Relation between customer and broker receiving bonds or other securities for sale or exchange, 52 A.L.R. 501.
Purchaser's right to protection under factor's act where transaction involves exchange of goods, 132 A.L.R. 525.
Stockyard operator's liability for injury to or death of stock, 40 A.L.R.2d 988.
Factor's liability based on delay in marketing and selling principal's goods, 3 A.L.R.3d 815.
No results found for Georgia Code 44-12-75.