A partner in a trading firm has implied authority1 to draw, accept and indorse bills of exchange and other negotiable instruments on behalf of his firm in the ordinary course of its business2, but not otherwise3; and the firm is liable even if the transaction is fraudulent and unauthorised, if the holder has no notice of such fraud4. Save in relation to cheques5 this implied authority does not, however, extend to firms which are not trading partnerships, such as solicitors6 or commission agents7. The fact that a
**Trials are provided to all LexisPSL and LexisLibrary content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and millions of others like it, sign-in to LexisLibrary or register for a free trial.
EXISTING USER? SIGN IN
TAKE A FREE TRIAL
0330 161 1234