25C-3. Status of works of fine art subsequently purchased by art dealer for his own account.
Notwithstanding the subsequent purchase of a work of fine art by the art dealer directly or indirectly for the art dealer's own account, a work of fine art that is bailment property when initially accepted by the art dealer remains bailment property until the purchase price minus the agreed upon commission, is paid in full to the artist. (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.