Idaho § 28-11-104 SUBSEQUENT SALE — PAYMENT TO CONSIGNOR

Idaho Statutes

§ 28-11-104 — SUBSEQUENT SALE — PAYMENT TO CONSIGNOR

Idaho·Title 28 COMMERCIAL TRANSACTIONS·Part 1. ARTIST AND ART DEALER·Ch. 11 ARTISTS AND ART DEALERS

A work of fine art received as a consignment remains 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 the work is resold to a bona fide purchaser before the consignor has been paid in full, the proceeds of the resale received by the consignee constitute funds held in trust for the benefit of the consignor to the extent necessary to pay any balance due to the consignor and the trusteeship continues until the fiduciary obligation of the consignee with respect to the transaction is discharged in full.

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A work of fine art received as a consignment remains 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 the work is resold to a bona fide purchaser before the consignor has been paid in full, the proceeds of the resale received by the consignee constitute funds held in trust for the benefit of the consignor to the extent necessary to pay any balance due to the consignor and the trusteeship continues until the fiduciary obligation of the consignee with respect to the transaction is discharged in full.

Idaho § 28-11-104 (SUBSEQUENT SALE — PAYMENT TO CONSIGNOR) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.