This text of Iowa § 715B.4 (Remedies to buyer) is published on Counsel Stack Legal Research, covering Iowa primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
1.An art merchant who sells a work of fine art or a multiple to a buyer under a warranty
attesting to facts about the work which are not true is liable to the buyer to whom the work
was sold.
a.If the warranty was untrue through no fault of the art merchant, the merchant’s liability
is the consideration paid by the buyer upon return of the work in substantially the same
condition in which it was received by the buyer.
3 PROTECTION OF BUYERS OF FINE ART AND VISUAL ART MULTIPLES, §715B.4
b.If the warranty is untrue and the buyer is able to establish that the art merchant failed
to make reasonable inquiries according to the custom and the usage of the trade to confirm
the warranted facts about the work, or that the warranted facts would have been found to
be untrue if reasonable inquiries
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1. An art merchant who sells a work of fine art or a multiple to a buyer under a warranty
attesting to facts about the work which are not true is liable to the buyer to whom the work
was sold.
a. If the warranty was untrue through no fault of the art merchant, the merchant’s liability
is the consideration paid by the buyer upon return of the work in substantially the same
condition in which it was received by the buyer.
3 PROTECTION OF BUYERS OF FINE ART AND VISUAL ART MULTIPLES, §715B.4
b. If the warranty is untrue and the buyer is able to establish that the art merchant failed
to make reasonable inquiries according to the custom and the usage of the trade to confirm
the warranted facts about the work, or that the warranted facts would have been found to
be untrue if reasonable inquiries had been made, the merchant’s liability is the consideration
paid by the buyer with interest from the time of the payment at the rate prescribed by section
535.3 upon the return of the work in substantially the same condition in which it was received
by the buyer.
c. (1) If the warranty is untrue and the buyer is able to establish that the art merchant
knowingly provided false information on the warranty or willfully and falsely disclaimed
knowledge of information relating to the warranty, the merchant is liable to the buyer in
an amount equal to three times the amount provided in paragraph “b”.
(2) This remedy shall not bar or be deemed inconsistent with a claim for damages or with
the exercise of additional remedies otherwise available to the buyer.
2. In an action to enforce this section, the court may allow a prevailing buyer the costs
of the action together with reasonable attorneys’ and expert witnesses’ fees. If the court
determines that an action to enforce this section was brought in bad faith, the court may
allow those expenses to the art merchant that it deems appropriate.
3. An action to enforce any liability under this section shall be brought within the time
period prescribed for such actions under section 614.1.