Quote:
Originally Posted by ValKehl
It is my understanding that generally, a consignor retains title (ownership) to his consigned items until they are sold and paid for. Of course, any specific consignment arrangement can be different in this regard. My REA consignment agreement states that if a winning bidder does not pay within a reasonable time, REA has the option of paying the consignor, in which event REA will then have title to the consigned items.
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we have a similar clause with options in case of non-payment.