olicies to cover the risks placed to be covered by
insurance; and if he selects companies which are then in good standing
he would not be liable should they afterward become insolvent.

Merchandise brokers, unless factors, negotiate for the sale of
merchandise without having possession or control of it. Like other
agents they must serve faithfully and cannot act for both parties,
seller and buyer, in the same transaction, without the knowledge and
consent of both. In many transactions he does thus represent both by
their express or implied authority, and therefore binding both when
signing for them.

A real estate broker in the employ of his principal is bound to act
for his principal alone, using his utmost good faith in his behalf.
And a promise by one of the principals in an exchange of real estate,
after the completion of the negotiations, to pay a commission to the
other party's broker, to whom he owed nothing, is void for lack of a
consideration.

To gain his commission a broker must produce a person who was ready,
able and willing both to accept and live up to the terms offered by
the owner of the property. Nor can a property owner escape payment of
a broker's commission by selling the land himself and at a price less
than the limit put on the broker.

The business of a pawnbroker is legally regulated by statute, and the
states usually require him to get a license. As the business may be
prohibited, a municipality or other power may regulate and control his
business. The rate of interest that he may charge is fixed by statute.
The pawnee may lose his right by exacting unlawful interest. Nor has
the pawnee the right to retain possession against the true owner of
any article that has been pawned without his consent or authority. If
the true owner has entrusted it to someone to sell, who, instead of
selling, pawns it, the pawner is protected in taking it as security.
The sale of pawned goods is usually regulated by statute. If none
exists, and there is no agreement between the parties, the sale must
be public after due notice of the time and place of sale. If there is
any surplus, arising from the sale, he must pay it to the pawner, and
not apply it on another debt that he may owe the pawnee. The pawner,
or an assignee or purchaser of the pawn ticket may redeem it within
the time fixed by law or agreement, or even beyond the agreed time if
the pawnee has not exercised his right of sale. Subject to the
pawnee's