FACTOR

A commercial agent, em- ployed by a principal to sell merchandise consigned to him for that purpose, for and in behalf of the principal, but usually in his own name, being intrusted with the posses- sion and control of the goods, and being re- munerated by a commission, commonly called "factorage. "9 A factor is an agent who, in the pursuit of an independent calling, is employed by an- other to sell property for him, and is vested by the latter with the possession or control of the property, or authorized to receive pay- ment therefor from the purchaser. Civil Code Cal. § 2026; Civil Code Dak. § 1168. When the agent accompanies the ship, taking a cargo aboard, and it is consigned to him for sale, and he is to purchase a return cargo out of the proceeds, such agent is properly called a "factor." He is, however, usually known by the name of a "supercargo." Beaw. Lex. Merc. 44, 47; Liverm. Ag. 69, 70; 1 Domat, b. 1, t. 16, § 3, art. 2.

An agent employed to sell goods or merchandise consigned or deliv- ered to him, by or for his principal, for a compensation, commonly called factorage or commission. Pal. Ag. 13; Sto. Ag. § 33; Com. Dig. Merchant, B; Malynes, Lex Merc. 81; Beawes, Lex Merc. 44; 3 Chit. Com. L. 193; 2 Kent 622; 1 Bell, Comm. 385, § 408; 2 B. & Ald. 143. An agent for the sale of goods in his pos- session or consigned to him. Lawson, R. & Rem. § 227. When the agent accompanies the ship, taking a cargo aboard, and it is consigned to him for sale, and he is to purchase a return cargo out of the pro- ceeds, such agent is properly called a factor; he is, however, usually known by the name of a super- cargo (q. v.). Beawes, Lex Merc. 44; Livermore, Ag. 69; 1 Domat, b. 1, t. 16, § 3, art. 2. A factor differs from a broker in some important particulars: namely, he may buy and. sell for his principal in his own name, as well as in the name of his principal; on the contrary, a broker acting as such should buy and sell in the name of his principal; 8 Chitty, Com. Law 193, 210, 541; 2 B. & Ald. 148; 8 Kent 622; 23 Wall. 821; 11 Mart. La. 331. Again, a factor is intrusted with possession, management, disposal, and control of the goods to be bought and sold, and has a special property and a lien on them; the broker, on the contrary, has usually no such possession, management, control, or disposal of the goods, nor any such special property or lien; Paley, 13; 1 Bell, Com. 385. The business of factors in the United States is usually done by commission merchants, who are known by that name, and the term factor is but little used; 1 Pars. Contr. 78. The term factor, however, is largely used in the Southern States in the cotton business, and in a different sense from commission merchant; 16 Fed. Rep. 516. He not only sells cotton, but makes ad- vances to the merchant or planter, in cash or goods, to be repaid when the crop comes in. He thus has a lien upon the crop before it is shipped to him. In Alabama the term commission merchant" as used in the revenue laws is synonymous with "factor"; 50 Ala. 154. A domestic factor is one who resides in the same country with his principal. By the usages of trade, or intention of law, when domestic factors are employed in the ordinary busi- ness of buying and selling goods, it is presumed that a reciprocal credit among the principal and the agent and third persons has been given. When a purchase has been made by such a factor, he, as well as his principal, is deemed liable for the debt; and in case of a sale the buyer is responsible both to the factor and principal for the purchase-money; but this presumption may be rebutted by proof of exclusive credit; Story. Ag. § 267, 291, 293; Paley, Ag. 243, 871; 9 B. & C. 78; 15 East 62. A foreign factor is one who resides in a different country from his principal. Term 112; 4 Maule & S. 576. Foreign factors are held personally liable upon all contracts made by them for their employers, whether they describe themselves in the contract as agents or not. In such cases the presumption is that the credit is given exclusively to the factor. But this presumption may be rebutted by proof of a contrary agreement; Story, Ag. 268 ; Mech. Ag. 1031; Bull. N. P. P. 130; 1 B. & P. 308; 9 B. & C. 78. His duties. He is required to use reason- able skill and ordinary diligence in his vo cation; 1 Ventr. 121; 66 Hun 633; 104 Ala. 662. If for any reason not tortious, he de- lays selling the goods consigned to him, he is not liable for a subsequent loss occurring through an act of God; 44 III. App. 527. He is bound to obey his instructions; 8 N. Y. 62; 77 Ga. 64; 5 C. B. 895; but when he has none he may and ought to act ac- cording to the general-usages of trade; 14 Pet. 479; 7 Taunt. 164; 5 Day 556; 3 Caines 226; 1 Story. 43; to sell for cash when that is usual, or to give credit on sales when that is customary; 51 N. H. 56. He is bound to render a just account to his principal, and to pay him the moneys he may receive for him. The mere fact that one sells products as a factor, does not im- pose upon him the burden of proving due diligence in the sale; 111 N. C. 458. His rights. He has the right to sell the goods in his own name; and, when untram- melled by instructions, he may sell them at such times and for such prices as, in the exercise of a just discretion, he may think best for his employer; 3 C. B. 380; 63 N. C. 542; but he must obey instructions if given; 5 Dill. 438; 31 N. Y. 676; but when the instructions are to wait until a certain law has produced its effect on the market, a certain discretion as to time may be exer- cised; 21 id. 386. He may sell on credit when such is the usage of the market; 1 Sto. 43; but if he sell on change he is held to a high degree of diligence to ascertain the solvency of the purchaser; 75 III. 464. In the ab- sence of instructions he may give a war- ranty: 1 Wall. 359; and he may insure the goods of the principal in his own name; 120 Mass. 449.

One who transacts business for another; an agent; a substitute; especially, a mercantile agent who buys and sells goods and transacts business for others in commission; a commission merchant or consignee. He may be a home factor or a foreign factor. He may buy and sell in his own name, and he is intrusted with the possession and control of the goods; and in these respects he differs from a broker. Story. Wharton. My factor sends me word, a merchant's fled That owes me for a hundred tun of wine. Marlowe. A steward or bailiff of an estate. [Scot.] Sir W. Scott. One of the elements or quantities which, when multiplied together, from a product. One of the elements, circumstances, or influences which contribute to produce a result; a constituent. The materal and dynamical factors of nutrition. H. Spencer.

To resolve (a quantity) into its factors.

A doer, maker; a person who does things for another person or organization. | An agent or representative; a reseller or distributor (sometimes with a private label); a consignee. | A commission agent. | A person or business organization that provides money for another's new business venture; one who finances another's business. | A business organization that lends money on accounts receivable or buys and collects accounts receivable. | One of the elements, circumstances, or influences which contribute to produce a result. | Any of various objects multiplied together to form some whole. | Influence; a phenomenon that affects the nature, the magnitude, and/or the timing of a consequence. | A resource used in the production of goods or services, a factor of production. | A steward or bailiff of an estate.

To find all the factors of (a number or other mathematical object) (the objects that divide it evenly). | To rewrite an expression as the product of its factors. | To be a product of other objects. | To sell a debt or debts to an agent (the factor) to collect.

A surname.