State Codes and Statutes

Statutes > North-carolina > Chapter_25C > GS_25C-2

§25C‑2.  Interest of art dealer who accepts works of fine art onconsignment.

If an art dealer accepts awork of fine art on a fee, commission, or other compensation basis onconsignment from the artist:

(1)        The art dealer is,with respect to that work of fine art, the bailee of the artist;

(2)        The work of fine artis bailment property in which the art dealer has no legal or equitable interestuntil the work is sold to a bona fide third party; and

(3)        The proceeds of thesale of the work of fine art are bailment property in which the art dealer hasno legal or equitable interest until the amount due the artist from the sale,minus the agreed commission, is paid. (1983, c. 822, s. 1.)

State Codes and Statutes

Statutes > North-carolina > Chapter_25C > GS_25C-2

§25C‑2.  Interest of art dealer who accepts works of fine art onconsignment.

If an art dealer accepts awork of fine art on a fee, commission, or other compensation basis onconsignment from the artist:

(1)        The art dealer is,with respect to that work of fine art, the bailee of the artist;

(2)        The work of fine artis bailment property in which the art dealer has no legal or equitable interestuntil the work is sold to a bona fide third party; and

(3)        The proceeds of thesale of the work of fine art are bailment property in which the art dealer hasno legal or equitable interest until the amount due the artist from the sale,minus the agreed commission, is paid. (1983, c. 822, s. 1.)


State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_25C > GS_25C-2

§25C‑2.  Interest of art dealer who accepts works of fine art onconsignment.

If an art dealer accepts awork of fine art on a fee, commission, or other compensation basis onconsignment from the artist:

(1)        The art dealer is,with respect to that work of fine art, the bailee of the artist;

(2)        The work of fine artis bailment property in which the art dealer has no legal or equitable interestuntil the work is sold to a bona fide third party; and

(3)        The proceeds of thesale of the work of fine art are bailment property in which the art dealer hasno legal or equitable interest until the amount due the artist from the sale,minus the agreed commission, is paid. (1983, c. 822, s. 1.)

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