Legal Definition and Related Resources of Brokers
Meaning of Brokers
Those who are engaged for others in the negotiation of contracts relative to property, with the custody of which they have no concern. Paley, Ag. 13. See 16 Gray (Mass.) 436; 45 111. 79; 16 How. Pr. (N. Y.) 440. One who receives a commission for making a bargain for another. 6 Bing. 702. A salaried agent is not a broker. 1 Ore. 218. A broker differs from a factor in that he has no possession of the property he sells. 47 Cal. 213; 41 N. Y. 235; 104 Mass. 259. A person employed by merchants English and merchants strangers in contriving, making and concluding bargains and contracts between them concerning their wares and merchandise, and the moneys to be taken up by exchange between such merchants and tradesmen. Banta v. Chicago, 172 111. 213. Bill and Note Brokers. Those who negotiate the purchase and sale of bills of exchange and promissory notes. Exchange Brokers. Those who negotiate bills of exchange drawn on foreign countries, or on other places in this country. Insurance Brokers. Those who procure insurance, and negotiate between insurers and insured. Merchandise Brokers. Those who negotiate the sale of merchandise without having possession or control of it, as factors have. Pawnbrokers. Those who lend money in small sums, on the security of personal property, at usurious rates of interest. They are licensed by the authorities, and excepted from the operation of the usury laws. Real-Estate Brokers. Those who negotiate the sale or purchase of real property. They are a numerous class, and, in addition to the above duty, sometimes procure loans on mortgage security, collect rents, and attend to the letting and leasing of houses and lands. Ship Brokers. Those who negotiate the purchase and sale of ships, and the business of freighting vessels. Like other brokers, they receive a commission from the seller, only. Stock Brokers. Those employed to buy and sell shares of stock in incorporated companies, and the indebtedness of governments. These brokers have possession of the certificates and other written evidences of title.
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| Resource | Description |
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| Brokers in the Dictionary | Brokers in our legal dictionaries | Browse the Legal Thesaurus | Find synonyms and related words of Brokers |
| Legal Maxims | Maxims are established principles that jurists use as interpretive tools, invoked more frequently in international law |
| Legal Answers (Q&A) | A community-driven knowledge creation process, of enduring value to a broad audience |
| Related topics | Brokers in the World Encyclopedia of Law |
Notice
This definition of Brokers is based on the The Cyclopedic Law Dictionary . This entry needs to be proofread.
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Brokers
Brokers and Dealers
Resources
See Also
- Financial Institutions
Further Reading
- Brokers and Dealers in the Encyclopedia of Business and Finance, 3rd Edition, Macmillan Reference USA, 2014
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