2010 Georgia Code 10-1-525 Case Law
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One Click Case Law for § 10-1-525
O.C.G.A. § 10-1-524 <-- --> O.C.G.A. §10-1-527



2010 Georgia Code

TITLE 10 - COMMERCE AND TRADE

CHAPTER 1 - SELLING AND OTHER TRADE PRACTICES
ARTICLE 17A - CONSIGNMENT OF ART
§ 10-1-525 - Art received as consignment to remain trust property; not subject or subordinate to claims, liens, or security interests

O.C.G.A. 10-1-525 (2010)
10-1-525. Art received as consignment to remain trust property; not subject or subordinate to claims, liens, or security interests


(a) A work of 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.

(b) No such trust property or trust funds shall be or become subject or subordinate to any claims, liens, or security interests of any kind or nature whatsoever of the consignee's creditors, anything in Code Section 11-2-326 or any other provision of Title 11 to the contrary notwithstanding.

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Graham W. Syfert, Esq., P.A.
Phone: 904-383-7448
Fax: 904-638-4726

graham@syfert.com