California § 1738.7. 1738.7. (Added by Stats. 1975, Ch. 953.)

California Statutes

§ 1738.7. — 1738.7. (Added by Stats. 1975, Ch. 953.)

California·Code CIV Civil Code - CIV·Div. 3. DIVISION 3. OBLIGATIONS·Title 1.·Part 4. TITLE 1. CONSIGNMENT OF FINE ART·Ch. 2. CHAPTER 2. General Provisions

A work of fine art received as a consignment 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 consignor. If such work is thereafter resold to a bona fide purchaser before the 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 consignor to the extent necessary to pay any balance still due to the consignor and such trusteeship shall continue until the fiduciary obligation of the consignee with respect to such transaction is discharged in
full.

Free access — add to your briefcase to read the full text and ask questions with AI

A work of fine art received as a consignment 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 consignor. If such work is thereafter resold to a bona fide purchaser before the 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 consignor to the extent necessary to pay any balance still due to the consignor and such trusteeship shall continue until the fiduciary obligation of the consignee with respect to such transaction is discharged in
full.

California § 1738.7. (1738.7. (Added by Stats. 1975, Ch. 953.)) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.