O.C.G.A.

O.C.G.A. § 10-1-525 (2019)

Art received as consignment to remain trust property; not subject or subordinate to claims, liens, or security interests

✓ O.C.G.A. — 2019 edition (Public.Resource.Org Release 73)
Code text and O.C.G.A. statutory annotations on this page reflect the 2019 Official Code of Georgia Annotated (Public.Resource.Org Release 73, 2019-08-21; public domain per Georgia v. Public.Resource.Org, 2020). The Syfert case-law annotations in Notes of Decisions, below, are current.
Find cases: SyfertCases citing this section GA-LEGlegis.ga.gov (official) JustiaJustia CornellLII Search CasesGoogle Scholar

(a) A work of art received as a consignment shall remain trust property, notwithstanding the subsequent purchase thereof by the consignee directly or indirectly for the consignee’s own account, until the price is paid in full to the consignor. If such work is thereafter resold to a bona fide purchaser before the consignor has been paid in full, the proceeds of the resale received by the consignee shall constitute funds held in trust for the benefit of the consignor to the extent necessary to pay any balance still due to the consignor and such trusteeship shall continue until the fiduciary obligation of the consignee with respect to such transaction is discharged in full.

(b) No such trust property or trust funds shall be or become subject or subordinate to any claims, liens, or security interests of any kind or nature whatsoever of the consignee’s creditors, anything in Code Section 11-2-326 or any other provision of Title 11 to the contrary notwithstanding.

History

Code 1981, § 10-1-525, enacted by Ga. L. 1995, p. 267, § 1.

Annotations

Code Commission notes. Pursuant to Code Section 28-9-5, in

1995, a comma was deleted following “whatsoever” in subsection (b).