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.
If a broker or other agent transfer bonds by delivery, without disclosing who is his principal, he is, himself, to be regarded as the principal, and is responsible to refund the money paid, if the bonds are declared null and void. Herwig v. Richardson, 44 La. Ann. 703, 11 So. 135. Compare Cooper v. Illinois Central R. Co., 57 N. Y. S. 925, 38 App. Div. 22. See also Sec. 601.
 
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