Quote:
Originally Posted by SMD
I assume you are not a lawyer. But an innocent purchaser for value without notice of the competing claim takes title under common law. The consigners have a contract claim (because there will be a contract governing this) against whatever LLC AF set up. They may have a claim against him personally but that will completely depend on the facts (commingled funds, didn’t maintain Corp formalities, etc.).
This is a breach of contract claim not theft (absent a showing of fraud).
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If the watch was sold at a price lower than agreed on the consignment agreement, would that not be theft?
A jeweler receiving stolen property even innocently is still receiving stolen property. Pretty sure that doesn't entitle them to free and clear ownership. It certainly doesn't in the pawn business where the items are seized by law enforcement. Now items sold months or years ago would likely be impossible to track, but it looks like he's been doing this as recently as the last few days. There may/should be some recourse for recent victims beyond waiting on his wages from stamping license plates to build up.