Appellate Division of the Supreme Court of the State of New York November 12, 1902 (Saugerties & N. Y. Steamboat Co. v. Miller)

SMITH, J.

In Mechem, Ag. § 363, the right of an agent to pledge the credit of his principal is thus stated:

“An agent authorized to purchase goods for his principal, and who is supplied with funds for that purpose, has no implied authority to bind his principal by a purchase on credit; and in such a case the principal will not be bound by a purchase on credit, although the goods come in fact to