Michigan Laws 442.312a – Written receipt as condition to commission on consignment; contents; effect of prior contract
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(1) An art dealer may accept a work of fine art for a commission on consignment only if before or at the time of acceptance the art dealer delivers to the consignor a written receipt describing the works of fine art delivered to the art dealer and the consignment nature of the delivery.
(2) Except as provided in this subsection, this section applies to a work of fine art accepted on consignment on and after the effective date of this section. If a work of fine art is accepted under a contract in existence before the effective date of this section, this section is applicable to that work of fine art, the proceeds of sale from that work of fine art, and the art dealers involved in the transaction, only to the extent that the provisions of this act do not conflict with that contract.
Terms Used In Michigan Laws 442.312a
- 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
- 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.
- 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 442.311On 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