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) The work of fine art is bailment property in which the art dealer has no legal or equitable interest until the work is sold to a bona fide third party; and
(3) The proceeds of the sale of the work of fine art are bailment property in which the art dealer has no legal or equitable interest until the amount due the artist from the sale, minus the agreed commission, is paid. (1983, c. 822, s. 1.)
Structure North Carolina General Statutes
North Carolina General Statutes
Chapter 25C - Sales of Artwork
Article 1 - Artwork on Consignment.
§ 25C-2 - Interest of art dealer who accepts works of fine art on consignment.
§ 25C-3 - Status of works of fine art subsequently purchased by art dealer for his own account.
§ 25C-4 - Creditors of art dealer may not reach works of fine art on consignment with art dealer.