Bought note

BOUGHT NOTE, contracts. An instrument in writing, given by a broker to the seller of merchandise, in which it is stated that the goods therein mentioned have been sold for him. There appears, however, some confusion in the books, on the subject of these notes sometimes they are called sold notes. 2 B. & Ald. 144 Blackb. on Sales, 89.
     2. This note is signed in the broker's name, as agent of the buyer and seller; and, if he has not exceeded his authority, the parties are thereby respectively bound. 1 Bell's Com. (5th ed.) 435; Holt's C. 170; Story on Agency, Sec. 28; 9 B. & Cr. 78; 17 E. C. L. R. 335; 5 B. & Ad. 521; 1 N. R. 252; 1 Moo. & R. 368; Moo. & M. 43; 22 E. C. L. R. 243; 2 M. & W. 440; Moo. & M. 43; 6 A. & E. 486; 33 E. C. L. R. 122; 16 East, 62 Gow, R. 74; 1 Camp. R. 385; 4 Taunt. 209; 7 Ves. 265. Vide Sold Note.

References in periodicals archive ?
Sponsor/Seller-middle bank bought note from originator and sold to depositor to package in the trust — most missed the closing date
Sponsor/ Seller-middle bank bought note from originator and sold to depositor to package in the trust most missed the closing date
DBS, whose profit fell 38 percent in the third quarter, also said that it has set aside SGD70m (USD47m) to compensate losses of some customers who bought notes linked to bankrupt US brokerage Lehman Brothers Holdings through the bank.