Any agent who, while acting on his principal's behalf, acquires the actual or constructive1 possession of goods2 or securities3 which are not in fact the property of his principal, and deals with them in any manner which is obviously wrongful if his principal is not their owner4 or duly authorised by their owner, as by selling and delivering them to a stranger5, or otherwise purporting to dispose of the property in them6, is guilty of a conversion7, and is liable to their true owner for their value. His liability is not affected by the fact that he received them
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