Iowa Code § 556D.4
Consignment — trust arrangement
Iowa · Iowa Code Chapter 556D — Consignments Between Artists and Art Dealers · Status: effective
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- Citation
- Iowa Code § 556D.4, Consignment — trust arrangement, Iowa, version 1 as recorded 2026-10-03, yourstate.us, https://yourstate.us/provision/2273109
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Full text
A consignment remains trust property, even if purchased by the art dealer, until the price is paid in full to the artist. If the work is resold to a bona fide purchaser before the artist has been paid in full, the proceeds of the resale received by the art dealer constitute funds held in trust for the benefit of the artist to the extent necessary to pay any balance still due to the artist and the trusteeship continues until the fiduciary obligation of the art dealer with respect to the transaction is discharged in full.