407.907. Waiver of proceeds in trust by artist, requirements. - Missouri Statutes

Waiver of proceeds in trust by artist, requirements.

407.907. An artist who is a consignor may lawfully waive theprovisions of subdivision (3) of section 407.904 if such waiveris clear, conspicuous, in writing, and signed by the artist whois the consignor. No waiver shall be valid with respect to theproceeds of a work of fine art initially received "onconsignment" but subsequently purchased by the consignee directlyor indirectly for his own account. No waiver shall inure to thebenefit of the consignor's creditors in any manner which might beinconsistent with the rights under sections 407.900 to 407.910 ofthe artist who is the consignor.

(L. 1984 S.B. 688 § 5)