Florida Statute 686.502 | Lawyer Caselaw & Research

The 2024 Florida Statutes

Title XXXIX
COMMERCIAL RELATIONS

Chapter 686
SALES, DISTRIBUTION, AND FRANCHISE RELATIONSHIPS

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F.S. 686.502

686.502 Consignment relationship; notice; proceeds of sales held in trust; contract requirements.—

(1) Whenever a consignor delivers, or causes to be delivered, a work of art to a consignee for the purpose of sale, or exhibition and sale, to the public on a commission, fee, or other basis of compensation, the delivery to and acceptance thereof by the art dealer is deemed to be “on consignment”; and, with respect to the work of art, such consignee shall thereafter be deemed to be the agent of such consignor.

(2) Whenever a consignor delivers or causes to be delivered a work of art to a consignee, such consignor shall give notice to the public by affixing to such work of art a sign or tag which states that such work of art is being sold subject to a contract of consignment, or such consignee shall post a clear and conspicuous sign in the consignee’s place of business giving notice that some works of art are being sold subject to a contract of consignment.

(3) The proceeds of sale of a work of art shall be held in trust by the consignee for the benefit of the consignor. Such proceeds shall be applied first in payment of any amount due to the consignor.

(4) Any provision of a contract or agreement whereby the consignor waives any of the provisions of this section is void.

History.—s. 2, ch. 86-118.

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Amendments to 686.502

Arrestable Offenses / Crimes under Fla. Stat. 686.502

Level: Degree
Misdemeanor/Felony: First/Second/Third

Current data shows no reason an arrest or criminal charge should have occurred directly under Florida Statute 686.502.

Annotations, Discussions, Cases:

Cases Citing Statute 686.502

Total Results: 2

Rayfield Investment Co. v. Kreps

Court: District Court of Appeal of Florida | Date Filed: 2010-05-05

Citation: 35 So. 3d 63, 72 U.C.C. Rep. Serv. 2d (West) 110, 2010 Fla. App. LEXIS 6149, 2010 WL 1779891

Snippet: sold subject to a contract of consignment." § 686.502(2), Fla. Stat. (2009). [3] See § 679.1021(1)(t)

Shuttie v. Festa Restaurant, Inc.

Court: District Court of Appeal of Florida | Date Filed: 1990-08-14

Citation: 566 So. 2d 554, 1990 WL 116334

Snippet: notice to third persons. Fla. Stat. 686.502 expressly so provides: `686.502 Consignment relationship; notice;