Waiver of proceeds in trust by artist, requirements
An artist who gives their artwork to someone else to sell (a consignor) can give up their right to have the sale money held in trust. But to do that, the artist has to agree to it in writing, and the agreement has to be clear and easy to notice. Even with that agreement, if the person selling the art ends up buying it for themselves, the waiver does not count. Also, giving up that right cannot be used to help pay off the artist's debts in a way that takes away the artist's other protections under this law.
407.907. of in trust by artist, requirements. — An artist who is a may lawfully the of (3) of section 407.904 if such waiver is clear, , in writing, and signed by the artist who is the consignor. No waiver shall be valid with respect to the proceeds of a initially received "" but subsequently purchased by the directly or indirectly for his own account. No waiver shall to the of the consignor's in any manner which might be inconsistent with the rights under sections 407.900 to 407.910 of the artist who is the consignor.
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Source & history notes
(L. 1984 S.B. 688 § 5)
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