Michigan Laws > Chapter 442 > Act 90 of 1970 – Sales of Fine Art
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Terms Used In Michigan Laws > Chapter 442 > Act 90 of 1970 - Sales of Fine Art
- Art dealer: means a person engaged in the business of selling works of fine art, other than a person exclusively engaged in the business of selling goods at public auction. See Michigan Laws 442.311
- Artist: means the creator of a work of fine art or, if the creator is deceased, the creator's heirs or personal representatives. See Michigan Laws 442.311
- Bona fide purchaser: means a person who in good faith makes a purchase without notice of any outstanding rights of others. See Michigan Laws 442.311
- Commission: means the fee, compensation, or percentage of actual selling price of a work of fine art, agreed upon by the artist and art dealer, which the art dealer may retain after sale of the artist's work of fine art to a third party. See Michigan Laws 442.311
- Consignor: means a person who delivers or causes to be delivered a work of fine art to an art dealer on consignment. See Michigan Laws 442.311
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Dower: A widow
- Fiduciary: A trustee, executor, or administrator.
- Fine art: means an original art or craft work which is:
(i) A visual rendition including, but not limited to, a painting, drawing, sculpture, mosaic, video tape, or photograph. See Michigan Laws 442.311judgment: as used in this act , includes decree. See Michigan Laws 600.112 Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period. On consignment: means that no title to or estate in the fine art or right to possession of the fine art superior to that of the consignor vests in the consignee, except that the consignee has the power or authority to transfer and convey, to a third person, all of the right, title, and interest of the consignor, in and to the fine art. See Michigan Laws 442.311 Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses. Person: means an individual, partnership, corporation, association, or other group, however organized. See Michigan Laws 442.311 person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land. state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o Trustee: A person or institution holding and administering property in trust. United States: shall be construed to include the district and territories. See Michigan Laws 8.3o