Del Credere - Definition - Law Dictionary Home Dictionary Definition del-credere

Definition :

Del credere [a phrase borrowed from the Italians, equivalent to our word guaranty or warranty, or the Scots term warrandice], an agreement by which a factor, when he sells goods on credit for an additional commission (called a del creder commission), guarantees the solvency of the purchaser and his performance of the contract. Such a factor is called a del creder agent; as to his position, see Thomas Gabriet & Sons v. Churchill & Sim, (1914) 3 KB 1272. He is a mere surety, liable only to his principal in case the purchaser makes default; and the agreement need not be in writing, as it is not within s. 4 of the Statute of Frauds [Sutton & Co. v. Grey, (1894) 1 QB 285], Story on Agency; Smith's Merc. Law.