§ 47-25-1001. Short Title

This part shall be known and may be cited as the “Tennessee Consignment of Art Act.”

§ 47-25-1002. Part Definitions

As used in this part, unless the context otherwise requires: “Art dealer” means a person engaged in the business of selling works of art, other than a person exclusively engaged in the business of selling goods at public auction; “Artist” means the person who creates a work of art, or, if such person is deceased, […]

§ 47-25-1003. What Constitutes Consignment

Notwithstanding any custom, practice, or usage of the trade to the contrary, whenever an artist delivers or causes to be delivered a work of art of the artist’s own creation to an art dealer in this state for the purpose of exhibition or sale, or both, on a commission, fee, or other basis of compensation, […]

§ 47-25-1004. Effect of Consignment

A consignment of a work of art shall result in all of the following: The art dealer, after delivery of the work of art, shall constitute an agent of the artist for the purpose of sale or exhibition of the consigned work of art within the state of Tennessee; The work of art shall constitute […]

§ 47-25-1005. Nature of Trust

A work of art received as a consignment shall remain trust property, notwithstanding the subsequent purchase thereof by the consignee directly or indirectly for the consignee’s own account, until the price is paid in full to the consignor. If such work is thereafter resold to a bona fide purchaser before the consignor has been paid […]

§ 47-25-1006. Waiver

Any cooperative may contract with its members to waive liability for the loss of or damage to works of art consigned to such cooperative. Any other provision of a contract or an agreement whereby the consignor purports to waive any provision of this part is void.