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Free Books / Finance / Canadian Banking Practice / |  |
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Form Of Signature Which Renders Attorney Personally Liable |
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This section is from the book "Canadian Banking Practice", by John T. P. Knight.
This section is from the "" book, by .
Question 23. - R. B. has authority under a Power of Attorney to sign for T. T. R. B. signs a note in this form: "R. B., Agent for T. T."
(1) Who is bound by this signature - R. B. or T. T.?
(2) In cases where a person is signing documents in a representative capacity, should he not use the name of his principal first, thus: "T. T. by R. B.," "Agent," or "Attorney?"
Answer. - (1) As the words "Agent for T. T." are, in effect, merely descriptive, R. B. is personally liable and T. T. is not liable. See second part of sub-sec. 1 of sec. 52, of the Bills of Exchange Act, and Falconbridge, 2nd ed., 566. Also lecture by Mr. Falconbridge to the Toronto Bankers Association, published in the October, 1920, number of the Journal.
(2) In such cases it is preferable, but not essential, that the name of the principal should come first.
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