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2002 SESSION

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HB 1066 Property loaned to museums.

Introduced by: Marian Van Landingham | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

Property loaned to museums. Establishes a procedure for museums to acquire title to property loaned to the museum on and after July 1, 2002, if, unless otherwise provided by written agreement, more than five years have passed from the receipt by the museum of written communication concerning the loaned property and the lender has not displayed any interest in the property. Loaned property shall be deemed to have been donated to the museum if no action to recover the property is initiated within one year after the museum gave notice of termination of the loan of the property. Museums are required to inform lenders of this provision. Notice of termination of a loan of property may be given at any time if the property was loaned to the museum for an indefinite time. If the property was loaned to the museum for a specified term, the museum may give notice of termination of the loan at any time after the expiration of the specified term. The museum shall mail a notice to the lender at the most recent address. If no address is available, notice shall be published once a week for three weeks. After publishing the required notices, the museum may acquire clear and unrestricted legal title to undocumented property if the museum can verify through written records that it has held such property for five years or longer, during which period no valid claim to the property has been asserted and no person has contacted the museum regarding the property.


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