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1487
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HARRY HUGHES, Governor
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11-8A-02.
IF AN ART DEALER ACCEPTS A WORK OF FINE ART ON A FEE,
COMMISSION, OR OTHER COMPENSATION BASIS, ON CONSIGNMENT FROM THE
ARTIST:
(1) THE ART DEALER IS, WITH RESPECT TO THAT WORK OF
FINE ART, THE AGENT BAILEE OF THE ARTIST;
(2) THE WORK OF FINE ART IS TRUST PROPERTY AND THE
ART DEALER IS TRUSTEE FOR THE BENEFIT OF THE ARTIST UNTIL THE
WORK OF FINE ART IS SOLD TO A BONA FIDE THIRD PARTY; AND
(3) THE PROCEEDS OF THE SALE OF THE WORK OF FINE ART
ARE TRUST PROPERTY AND THE ART DEALER IS TRUSTEE FOR THE BENEFIT
OF THE ARTIST UNTIL THE AMOUNT DUE THE ARTIST FROM THE SALE IS
PAID.
(2) THE WORK OF FINE ART IS BAILMENT PROPERTY IN
WHICH THE ART DEALER HAS NO LEGAL OR EQUITABLE INTEREST UNTIL THE
WORK IS SOLD TO A BONA FIDE THIRD PARTY; AND
(3) THE PROCEEDS OF THE SALE OF THE WORK OF FINE ART
ARE BAILMENT PROPERTY IN WHICH THE ART DEALER HAS NO LEGAL OR
EQUITABLE INTEREST UNTIL THE AMOUNT DUE THE ARTIST FROM THE SALE,
MINUS THE AGREED COMMISSION, IS PAID.
11-8A-03.
NOTWITHSTANDING THE SUBSEQUENT PURCHASE OF THE WORK OF FINE
ART BY THE ART DEALER DIRECTLY OR INDIRECTLY FOR THE ART DEALER'S
OWN ACCOUNT, A WORK OF FINE ART THAT IS TRUST BAILMENT PROPERTY
WHEN INITIALLY ACCEPTED BY THE ART DEALER REMAINS TRUST BAILMENT
PROPERTY UNTIL THE PURCHASE PRICE, MINUS THE AGREED UPON
COMMISSION, IS PAID IN FULL TO THE ARTIST.
11-8A-04.
PROPERTY THAT IS TRUST BAILMENT PROPERTY UNDER THIS SUBTITLE
IS NOT SUBJECT TO THE CLAIMS, LIENS, OR SECURITY INTERESTS OF THE
CREDITORS OF AN ART DEALER.
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SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
be construed only prospectively and may not be applied or
interpreted to have any effect upon or application to any
consignment contract entered into prior to the effective date of
this Act.
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SECTION 3. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1983.
Approved May 24, 1983.
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