Terms Used In North Carolina General Statutes > Chapter 25C > Article 1 - Artwork on Consignment

• Art dealer: means an individual, partnership, firm, association, or corporation that undertakes to sell a work of fine art created by someone else;

  (2) "Artist" means the creator of a work of fine art;

  (3) "On consignment" means delivered to an art dealer for the purpose of sale or exhibition, or both, to the public by the art dealer; and

  (4) "Work of fine art" means an original art work that is:

  a. See North Carolina General Statutes 25C-1

• 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.
• 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}
• 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.
• property: shall include all property, both real and personal. See North Carolina General Statutes 12-3