59-9-3. Liability under guaranty commission.
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.
Source: CivC 1877, §1171; CL 1887, §3794; RCivC 1903, §1490; RC 1919, §1291; SDC 1939, §3.0605.
Structure South Dakota Codified Laws
Section 59-9-1 - Factor defined.
Section 59-9-2 - Obedience required of factor.
Section 59-9-3 - Liability under guaranty commission.
Section 59-9-4 - Factor cannot relieve himself from liability without principal's consent.
Section 59-9-5 - Actual authority to sell on credit, restrictions.
Section 59-9-6 - Insurance of uninsured property consigned to factor.
Section 59-9-7 - Delegation of authority to partner or servant.