Legal Question in Business Law in New York
seller beware
If i am a professional art buyer, and I attent a yard sale where I purchase a painting valued over thousands of dollars for less that ten dollars, from someone who is obviously un aware fo the value and then I proceed to sell it for thousands of dollars am I legally obligated to give the orriginal seller some of the profit?
Asked on 1/27/09, 9:59 am
2 Answers from Attorneys
Kristen Browde
Browde Law, P.C.
Re: seller beware
Ordinarily, no.
Answered on 1/27/09, 10:02 am
NEAL SPECTOR, ESQ.
NEAL S. SPECTOR, P.C.
Re: seller beware
If you acquired title and possession by purchasing the painting you have no further obligation to the Seller.
Answered on 1/27/09, 10:08 am
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