The capacity of mercantile agents1 or factors to enter into a contract of pawn is regulated by statute2. At common law, a mercantile agent cannot bind his principal to a contract of pawn without the principal's authority3.
Where, with the owner's consent, a mercantile agent is in possession4 of goods5 or of the documents of title6 to goods, any pledge7 of the goods made by him when acting in the ordinary course of business of a mercantile agent is as valid as if he were expressly authorised by the owner of the goods to make the pledge, provided that the
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