This section is from the book "American Law Of Real Estate Agency", by William Slee Walker. Also available from Amazon: American law of real estate agency.
A real estate broker made loans in his principal's name, and to secure his commissions took second mortgages in his own name, and at sales thereunder bid in the property, and thereafter, without the knowledge of his principal, quit-claimed to her the lands so acquired, the deeds being placed among her papers in his possession. Held, that, in the absence of ratification and acceptance of the deeds, the broker was not entitled to credit for his expenses of foreclosures under the second mortgages and for taxes paid without the principal's knowledge, on the theory that such expenditures inured to her benefit. Carpenter v. Monsen, 92 Wis. 449, 65 N. W. 1027, 66 N. W. 692.
 
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