Property and proceeds

Act 162 of 1986, § 4, under ARTWORKS CONSIGNMENT ACT.

Act 162 of 1986, § 4

Section 4. Property and proceeds.

(a) Trust property.--A craft or work of fine art accepted on consignment is trust property being held by the consignee for the benefit of the consignor.

(b) Proceeds.--Any proceeds due the consignor from the sale of a craft or work of fine art on consignment are trust funds held by the consignee for the benefit of the consignor.