this is an outdated text: switch to the updated & improved dc code website
home, about

The DC Code: § 28-5103 Trust property.

Index28 Commercial Instruments and Transactions. (Refs & Annos)
a
If a work of fine art is trust property under § 28-5102 when initially received by the art dealer, it shall remain trust property, notwithstanding the subsequent purchase of the work of fine art by the art dealer, directly or indirectly, for the art dealer's own account until the purchase price is paid in full to the artist.
b
If the art dealer sells a work of fine art which is trust property under § 28-5102 when initially received by a bona fide third party before the artist has been paid in full, the work of fine art shall cease to be trust property and the proceeds of the sale shall be held in trust by the art dealer for the benefit of the artist to the extent necessary to pay any balance due to the artist. The trust of the proceeds of the sale shall continue until the artist is paid in full.

Historical and Statutory

Legislative History of Laws For history of Law 18-310, see notes under § 28-5101. DC CODE § 28-5103 Current through December 11, 2012

Credits

(Mar. 12, 2011, D.C. Law 18-310, § 4, 57 DCR 12392.)