§ 1 Definitions
§ 2 Delivery and acceptance constituting consignment; statement of delivery
§ 3 Incidents of consignment
§ 4 Trust property; contact information of consignee; forfeiture of property
§ 4A Separate accounting of consignments; payment to consignor of sale proceeds; penalties
§ 5 Waiver of provisions
§ 6 Application of chapter

Terms Used In Massachusetts General Laws > Chapter 104A - Consignment of Fine Art

  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • Contract: A legal written agreement that becomes binding when signed.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • Fiduciary: A trustee, executor, or administrator.
  • Legatee: A beneficiary of a decedent
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.