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Current as of January 01, 2025 | Updated by Findlaw Staff
A work of fine art received as a consignment from the artist who created the work of fine art 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 artist who is consignor. If such work is thereafter resold to a bona fide purchaser before the artist who is consignor has been paid in full, the proceeds of the resale received by the consignee shall constitute funds held in trust for the benefit of the artist who is consignor to the extent necessary to pay any balance still due to the artist who is consignor and such trusteeship shall continue until the fiduciary obligation of the consignee to the artist who is the consignor with respect to such transaction is discharged in full.
Cite this article: FindLaw.com - Missouri Revised Statutes Title XXVI. Trade and Commerce § 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 - last updated January 01, 2025 | https://codes.findlaw.com/mo/title-xxvi-trade-and-commerce/mo-rev-st-407-905/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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