25C-1. Definitions. As used in this Article unless the context clearly requires otherwise: (1) "Art dealer" means an individual, partnership, firm, association, or corporation that undertakes to sell a work of fine art created by someone else; (2) "Artist" means the creator of a work of fine art; (3) "On consignment" means delivered to an […]
25C-2. Interest of art dealer who accepts works of fine art on consignment. 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 bailee of the artist; (2) […]
25C-3. Status of works of fine art subsequently purchased by art dealer for his own account. Notwithstanding the subsequent purchase of a 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 bailment property when initially accepted by the art dealer […]
25C-4. Creditors of art dealer may not reach works of fine art on consignment with art dealer. Property that is bailment property under this Article is not subject to the claims, liens, or security interests of the creditors of an art dealer. (1983, c. 822, s. 1; 1989, c. 464, s. 1.)
25C-5. Risk of loss; insurable interest. Nothing in this Article shall affect any provision of law pertaining to the risk of loss between or among the parties to a consignment agreement under this Article or pertaining to the insurable interest of any such party. (1983, c. 822, s. 1; 1989, c. 464, s. 1.)
