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rvlaw, Attorney
Category: Business Law
Satisfied Customers: 8386
Experience:  NYC Trial Attorney 30+ years; Law professor ; BUSINESS LAW; CONTRACTS; TORTS; Arbitrator
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Who is responsible for jewlery stolen on consignment

Customer Question

A significant amount of jewelry on consignment to someone I know was stolen via car breakin, who is responsible for this financially ? And what is the best way for this person to proceed regarding approaching the jewelers who consigned this out ? Do we need legal representation ? We were told by someone in the jewelry business that most jewelers who lend out jewelry on consignment have insurance for this. The police classified the theft as grand larceny. This occurred in N.Y. Thank you.
Submitted: 8 years ago.
Category: Business Law
Expert:  rvlaw replied 8 years ago.

Hi and welcome,

Two issues can be addressed easily:

The existence of insurance is a practical issue and does not affect the legal considerations/principles.

A lawyer should be retained.

If I understand the parties involved here from your post, the transaction is what we call a bailment and the person in possession is responsible. Example...bring your car into a is stolen...the mechanic is liable. He has a duty to return the item in the same condition or better than when it was taken in.


rvlaw and 5 other Business Law Specialists are ready to help you
Customer: replied 8 years ago.
Relist: I prefer a second opinion.

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