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2020 Maryland Statutes
Commercial Law
Title 11 - Trade Regulation
Subtitle 8A - Consignment of Works of Fine Art
Section 11-8A-02 - Art Dealer as Bailee of Artist; Work of Fine Art and Proceeds of Sale as Bailment Property
Universal Citation:
MD Commercial Law Code Ann. § 11-8A-02 (2020)
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If an art dealer accepts a work of fine art on a fee, commission, or other compensation basis, on consignment from the artist:
(1) The art dealer is, with respect to that work of fine art, the bailee of the artist;
(2) The work of fine art is bailment property in which the art dealer has no legal or equitable interest until the work is sold to a bona fide third party; and
(3) The proceeds of the sale of the work of fine art are bailment property in which the art dealer has no legal or equitable interest until the amount due the artist from the sale, minus the agreed commission, is paid.
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