consignment

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Consignment

Transfer of goods to a seller while title to the merchandise is retained by the owner.

Consignment

The act or practice of the owner of a good transferring the good to a second party, usually to be sold. The parties split the proceeds from the sale according to some agreed-upon arrangement. At all times before the sale, the original owner of the good retains ownership and may end the consignment by requesting the good's return. Generally speaking, a consignment lasts for a certain period of time, after which the good is returned to the owner, unless it first is sold.

consignment

an arrangement between an exporter and an importer of a product under which the exporter only receives payment for the product after it has been transported to, and sold by, the importer. Where exporters sell GOODS on consignment they may experience significant delays in being paid and must make appropriate funding arrangements to maintain their cash flow. See EXPORTING, EXPORT CREDIT GUARANTEE DEPARTMENT.

consignment

The practice of accepting possession of goods for another with the intention of selling the goods and remitting payment to the owner,less any agreed-upon fees.Ownership of the goods remains at all times in the consignor, not in the shopkeeper (consignee). Landlords may not obtain liens in the goods,and lenders may not gain security interests under blanket liens,if they have been put on notice that the party engages in the sale of consigned goods.

References in periodicals archive ?
See TAD CRAWFORD & SUSAN MELLON, THE ARTIST-GALLERY PARTNERSHIP: A PRACTICAL GUIDE TO CONSIGNING ART 29 (1998) (commenting on the UCC filing form often being "an unrealistic measure" because of an aversion to completing the paperwork required for a UCC financing statement).
Mazarakis was one of several executives who said they prefer to work with retailers on extended terms or special events instead of consigning as a general policy.
In 2000, Bansha House Stables made history by consigning the first six-figure breeze-up horse, a filly by Sadler's Wells later named Sadima, who has since found fame as the dam of Youmzain and Creachadoir.