Minnesota Legislature
Office of the Revisor of Statutes
2007 Minnesota Statutes
This is an historical version of this statute chapter. Also view the most recent published version.
324.04 TRUST PROPERTY.
A work of art received as a consignment remains trust property until the consignor has been
paid in full, notwithstanding the subsequent purchase of it by the consignee directly or indirectly
for the consignee's own account. If the 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 constitute
funds held in trust for the benefit of the consignor to the extent necessary to pay any balance still
due to the consignor. The trusteeship continues until the fiduciary obligation of the consignee with
respect to this transaction is discharged in full.
History: 1983 c 165 s 4
A work of art received as a consignment remains trust property until the consignor has been
paid in full, notwithstanding the subsequent purchase of it by the consignee directly or indirectly
for the consignee's own account. If the 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 constitute
funds held in trust for the benefit of the consignor to the extent necessary to pay any balance still
due to the consignor. The trusteeship continues until the fiduciary obligation of the consignee with
respect to this transaction is discharged in full.
History: 1983 c 165 s 4
Official Publication of the State of Minnesota
Revisor of Statutes