Maine Reports; Cases Argued and Determined in the Supreme Judicial Court of Maine Volume 61

Maine Reports; Cases Argued and Determined in the Supreme Judicial Court of Maine Volume 61

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1874 edition. Excerpt: ...of either party, there can be no reason for complaint whenever it is so terminated. The tenure by which it is holden is uncertain and so recognized. Once terminated, the relation of principal and agent is at an end. The duties and the authority of the agent cease. The plaintiff, notwithstanding he has ceased to be an agent, claims to recover a percentage on renewals of policies, procured by him when agent, by virtue of the following rule, which fixes the compensation of agents: " The commission to agents is 10 per cent on first year's premium and 5 per cent on each renewal collected and transmitted by them. This applies to business procured by the agent under this appointment. Upon the collection of other premiums (the risk being originally obtained by other parties) and upon interest, the commission is 2 per cent." The compensation on renewals is for services rendered. It is due " on each renewal when collected and transmitted," and then only by the terms of the rule. The agent has no right to his commission save on collection and transmission of the premium. The terms of the rule imply the continuance of the agency. When one ceases to be agent he cannot rightfully collect, and can have nothing to transmit. The next sentence provides for the collection and transmission of premiums collected by an agent other than the one originally procuring the policies, and it gives such agent two and a half per cent commissions. If one who is no longer an agent can have his commissions on premiums collected and transmitted by another, then the company must pay a commission of two and a half per cent to the agent collecting and transmilting funds, and five per cent to one who has ceased to be agent and who has neither...
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Product details

  • Paperback | 216 pages
  • 189 x 246 x 12mm | 395g
  • United States
  • English
  • black & white illustrations
  • 1236750616
  • 9781236750617