SMDC is a domestic corporation engaged in buying and selling of land. SMDC appointed Robert the exclusive agent in the sale of lots of its newly developed subdivision. SMDC told Robert that he could not collect or receive payments from the buyers. Robert was able to sell ten lots to John and to collect the down payments for said lots. Robert went to the US and did not turn over the collections to SMDC. Who shall bear the loss for Robert 's defalcation, SMDC or John?