Acquiring title for property on permanent loan or loaned for
specified time; notice
Sec. 12. A museum may acquire title in the following manner to
property that is on permanent loan to the museum or that was loaned
for a specified term that has expired:
(1) The museum must give notice that the museum is
terminating the loan of the property.
(2) The notice that the loan of the property is terminated must
include a statement containing substantially the following
information:
"The records at (name of museum) indicate that you have
property on loan to it. The museum hereby terminates the
loan. If you desire to claim the property, you must contact
the museum, establish your ownership of the property, and
make arrangements to collect the property. If you do not
contact the museum, you will be considered to have donated
the property to the museum.".
(3) If the lender does not respond to the notice of termination
within one (1) year after receipt of the notice by filing a notice
of intent to preserve an interest in the property on loan, clear
and unrestricted title is transferred to the museum three hundred
sixty-five (365) days after the notice was received.
As added by P.L.2-2002, SEC.19.
Last modified: May 24, 2006