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I purchased a 1951 mercury from a classic car dealership. it was represented as a car built by George barris[ a very famous classic car builder making the the car much more valuable car]. about a year later I learned that barris didn't build the car and the cars value dimished greatly. the sale was based on fraudulent representation. I signed a release of liability for the agent. the agent had the car on consignment for sale. did this release of liability of the agent also release the principal of the fraud????????? R.L.XXXX
ely case 13358217 873 I received your reply but did not answer the question I asked. does a release of the agent also release the principal?? Richard
Hello friend and thank you for requesting me.
Apologies, and allow me to be more specific.
If the agent signed the note FOR THE PRINCIPAL, then yes, the note releases the principal as well.
But if the agent acts as an "agent" in the true sense of the word in that they represent the principal, then, the agent himself is not released, only the principal.
If the agent signed the note for himself only, then it does not release the principal.
It gets a little murky, so if you can provide more detail, perhaps we can dissect this issue.
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