Friday, May 23, 2014

Matter of Friedman case brief summary

Matter of Friedman

1.      Arnold Friedman was an unsuccessful, impressionist artist
2.      Wife inherits all of Friedman’s artwork after death and transfers all artwork to Egan, the dealer
a.       She transfers title and doesn’t get payment
b.      She would get 50% of any sale
3.      Wife dies and daughter wants the artwork back
a.       Title has been transferred, but daughter sues Egan claiming that the contract was unfair
4.      Egan’s attorney Duker represents both sides of the transaction because wife couldn’t afford an attorney
5.      Court looks at terms and decides that there was not a sale
a.       There was a consignment agreement
b.      The elements of the agreement are of a consignment agreement
6.      As a consignment agreement, the court finds that the agreement is unconscionable
a.       Court orders Egan to return the pictures to the wife’s estate
7.      Lesson is that not every agreement is a good agreement and not every agreement will be enforced by the court

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