442.352 Information required; transactions to which act applicable.

296 words·~1 min read·/mi/chapter-442/442-352

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Sec. 2.

(1)An art merchant shall not sell or consign a multiple in, into, or from the state unless a written instrument is furnished to the purchaser or consignee, before the sale or consignment, which states as to each multiple the information required under sections 5, 6, 7, and 8 for the applicable time period. For auctions, this information may be furnished in a catalog or other written material which is readily available for examination and purchase before the sale, if a bill of sale, receipt, or invoice describing the sale is supplied which makes reference to the catalog and lot number in which the information appears.

(2)Information supplied pursuant to subsection

(1)shall be clearly, specifically, and distinctly addressed to each of the items listed in sections 5, 6, 7, and 8. If an item of information that is required is not applicable or is not known, the art merchant shall state that the item is not applicable or is not known.

(3)At the request of a prospective purchaser, the information required by subsection

(1)shall be furnished before payment or the placing of an order for a multiple. If payment is made by the purchaser before delivery of the multiple, the information shall be furnished at the time of or before delivery, in which case, the purchaser shall be entitled to a refund if, for reasons related to the information, the purchaser returns the multiple in substantially the condition in which received, within 30 days after receipt.

(4)Except as otherwise provided, this act applies to transactions between art merchants and other art merchants, as well as to transactions between art merchants and non-art merchants.

History: 1987, Act 40, Eff. Dec. 9, 1987