407.905. Art dealer is agent of artist--work of art and sale proceeds held in trust for artist, not subject to creditor of consignee.
Art dealer is agent of artist--work of art and sale proceeds held intrust for artist, not subject to creditor of consignee.
407.905. A work of fine art received as a consignment fromthe artist who created the work of fine art shall remain trustproperty, notwithstanding the subsequent purchase thereof by theconsignee directly or indirectly for the consignee's own accountuntil the price is paid in full to the artist who is consignor.If such work is thereafter resold to a bona fide purchaser beforethe artist who is consignor has been paid in full, the proceedsof the resale received by the consignee shall constitute fundsheld in trust for the benefit of the artist who is consignor tothe extent necessary to pay any balance still due to the artistwho is consignor and such trusteeship shall continue until thefiduciary obligation of the consignee to the artist who is theconsignor with respect to such transaction is discharged in full.
(L. 1984 S.B. 688 § 4)