§ 442.311 Definitions
§ 442.312 Consignment; trust property; trust funds; claims, liens, or security interest
§ 442.312a Written receipt as condition to commission on consignment; contents; effect of prior contract
§ 442.314 Effect of act as to existing contracts or arrangements
§ 442.315 Effective date of act

Terms Used In Michigan Laws > Chapter 442 > Act 90 of 1970 - Sales of Fine Art

  • Art dealer: means a person engaged in the business of selling works of fine art, other than a person exclusively engaged in the business of selling goods at public auction. See Michigan Laws 442.311
  • Artist: means the creator of a work of fine art or, if the creator is deceased, the creator's heirs or personal representatives. See Michigan Laws 442.311
  • Bona fide purchaser: means a person who in good faith makes a purchase without notice of any outstanding rights of others. See Michigan Laws 442.311
  • Commission: means the fee, compensation, or percentage of actual selling price of a work of fine art, agreed upon by the artist and art dealer, which the art dealer may retain after sale of the artist's work of fine art to a third party. See Michigan Laws 442.311
  • Consignor: means a person who delivers or causes to be delivered a work of fine art to an art dealer on consignment. See Michigan Laws 442.311
  • 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.
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • 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.
  • Fiduciary: A trustee, executor, or administrator.
  • Fine art: means an original art or craft work which is:
  (i) A visual rendition including, but not limited to, a painting, drawing, sculpture, mosaic, video tape, or photograph. See Michigan Laws 442.311
  • judgment: as used in this act , includes decree. See Michigan Laws 600.112
  • 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.
  • On consignment: means that no title to or estate in the fine art or right to possession of the fine art superior to that of the consignor vests in the consignee, except that the consignee has the power or authority to transfer and convey, to a third person, all of the right, title, and interest of the consignor, in and to the fine art. See Michigan Laws 442.311
  • panel: means a mediation panel selected pursuant to section 4905. See Michigan Laws 600.4901
  • 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.
  • Person: means an individual, partnership, corporation, association, or other group, however organized. See Michigan Laws 442.311
  • Plaintiff: The person who files the complaint in a civil lawsuit.
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • shall not apply: means that the pertinent provision is not operative as to certain persons or things or in conjunction with a particular date or dates. See Michigan Laws 8.4c
  • Testimony: Evidence presented orally by witnesses during trials or before grand juries.
  • Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.