Maryland Code, COMMERCIAL LAW 11-8A-02
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Terms Used In Maryland Code, COMMERCIAL LAW 11-8A-02
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
If an art dealer accepts a work of fine art on a fee, commission, or other compensation basis, on consignment from the artist:
(1) The art dealer is, with respect to that work of fine art, the bailee of the artist;
(2) The work of fine art is bailment property in which the art dealer has no legal or equitable interest until the work is sold to a bona fide third party; and
(3) The proceeds of the sale of the work of fine art are bailment property in which the art dealer has no legal or equitable interest until the amount due the artist from the sale, minus the agreed commission, is paid.