Sec. 266. Power To Purchase Gives None To Secure Purchase Money By Mortgage
Description
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.
Sec. 266. Power To Purchase Gives None To Secure Purchase Money By Mortgage
An agent employed to purchase property with particular funds has no authority to mortgage the property to secure the purchase money, and such mortgage will not bind the property. Fraser v. McPherson, 3 Desau. (S. C.), 393. See also Sec. 263.
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