Where a mercantile agent1 is with the consent2 of the owner3 (that is his principal) in possession4 (when acting in the capacity of a mercantile agent5) of goods6 or of the documents of title7 to goods, the owner is bound by any sale, pledge8 or other disposition9 of the goods made by the agent10 for valuable consideration11 when acting in the ordinary course of business12 of a mercantile agent13. The owner is bound notwithstanding that the transaction is one which by custom of the trade the agent has no implied authority to carry out14. In all such cases, the
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