Section 32-34-5-12 - Acquiring title for property on permanent loan or loaned for specified time; notice(a) 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 sixty (60) days 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 sixty (60) days after the notice was received.(b) If the loan of property to a museum is not considered a permanent loan and does not have a specific expiration date, the property is considered abandoned if there has not been any written communication between:(1) the lender or the lender's designated agent; and(2) the museum; for at least seven (7) years after the date the museum took possession of the property.
Pre-2002 Recodification Citation: 32-9-10-12.
Amended by P.L. 125-2016, SEC. 5, eff. 7/1/2016.As added by P.L. 2-2002, SEC.19.