[Jewelry making - Article 00872] - Re: [Orchid] Wholesaling one-offs

[James Binnion]

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>     Forclosure/ bankruptsy. I've dealt with consignment galleries
>     before opening my own. When they went bankrupt, all the artists
>     were informed to pick up their work that the store was closing. If
>     you were stupid enough to not comply, I guess you'd lose your work,
>     but that would be your fault, not the fault of the gallery. 

    Unfortunately there are many well documented cases of a business
    going bankrupt and the consigned goods being seized by the
    bankruptcy court and sold to pay the secured creditors. As a
    unsecured creditor you are the last in line for payment. Without a
    contract that states that the consigned remain your property the
    court sees them as if they were sold to the store on net terms. 

James Binnion
jbin AT mokume-gane.com
James Binnion Metal Arts
http://www.mokume-gane.com
360-756-6550

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