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1998 SESSION

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HB 387 Loan of property to museums; unclaimed loans.

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

SUMMARY:

Property; loan of property to museums; unclaimed loans. Provides that, except as may be otherwise provided in a written agreement between a museum and a lender, no action may be brought against a museum to recover property on loan to a museum when more than 25 years have passed from the (i) the receipt by the museum of written communication concerning the property from the lender or (ii) any display of interest in the property by the lender as evidenced by a memorandum or other record on file prepared by an employee of the museum. Property on loan to a museum is deemed to have been donated to the museum if no action to recover the property is initiated within seven years after the museum gives notice of termination of the loan. This bill requires museums to provide notice of termination of loans of property to the lender, and if no proof of receipt of notice is received, to publish notice in the newspaper. Museums must also inform lenders, in writing, of the provisions of this chapter prior to accepting loans of property.


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