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BOUGHT AND SOLD NOTES Definition & Legal Meaning

Definition & Citations:

When a broker is employed to buy and sell goods, he is accustomed to give to the buyer a note of the sale, commonly called a “sold note,” and to the seller a like note, commonly called a “bought note,” in his own name, as agent of each, and thereby they are respectively bound, if he has not exceeded his authority. Saladin v. Mitchell, 45 111. 83; Keim v. Lindley (N. J. Ch.) 30 Atl. 1070.


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