Section 407.904

Title XXVI TRADE AND COMMERCE

Chapter 407

Effective - 28 Aug 1984   

  407.904.  Consignment, effect. — A consignment of a work of fine art shall result in all of the following:

  (1)  The art dealer, after receipt of the work of fine art, shall constitute an agent of the artist for the purpose of sale or exhibition of the consigned work of fine art within the state of Missouri;

  (2)  The work of fine art shall constitute property held in trust by the consignee for the benefit of the artist who is the consignor and shall not be subject to claim by a creditor of the consignee;

  (3)  The proceeds from the sale of the work of fine art shall constitute funds held in trust by the consignee for the benefit of the artist who is the consignor, and such proceeds shall first be applied to pay any balance due to the artist who is the consignor, unless the artist who is the consignor expressly agrees otherwise in writing.

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(L. 1984 S.B. 688 § 3)