407.904. Consignment, effect. - Missouri Statutes

Consignment, effect.

407.904. A consignment of a work of fine art shall result inall 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 saleor exhibition of the consigned work of fine art within the stateof Missouri;

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

(3) The proceeds from the sale of the work of fine art shallconstitute funds held in trust by the consignee for the benefitof the artist who is the consignor, and such proceeds shall firstbe applied to pay any balance due to the artist who is theconsignor, unless the artist who is the consignor expresslyagrees otherwise in writing.

(L. 1984 S.B. 688 § 3)