§ 352:5 — Purchase or Resale of Consigned Art by Art Dealer

I. If a work of art is trust property under RSA 352:4 when it is initially received by the art dealer, it shall remain trust property, notwithstanding the subsequent purchase of the work of art by the art dealer directly or indirectly for the art dealer's own account, until the purchase price specified pursuant to RSA 352:7 is paid in full to the artist.
II. If an art dealer resells a work of art that he purchased for his own account to a bona fide third party before the artist has been paid in full, the work of art shall cease to be trust property and the proceeds of the resale shall be trust funds in the possession or control of the art dealer for the benefit of the artist to the extent necessary to pay any balance still due to the artist. The trusteeship of the proceeds shall continue until the artist is paid in full under the contract entered into pursuant to RSA 352:7. A separate trust account for each artist shall not be required under this subdivision.

Legislative History

1988, 117:1, eff. Jan. 1, 1989.