(b) A mailed notice of intent to terminate a loan shall include a statement
containing substantially the following information:
"The records of (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 fail to do so
within one year after the date of this notice, you will be considered to have
donated the property to the museum."
(c) If a lender or claimant does not respond to the notice of intent to
terminate the loan within one year from the date of the notice, the museum
acquires title to the property and may sell, dispose of, or retain the
property.
(d) If a lender or claimant responds to the notice of intent to terminate
the
loan within one year from the date of the notice, but does not collect the
property within 90 days from the date of his or her response, and unless a
loan agreement provides otherwise, the museum may place the property in
storage and the museum acquires and may enforce a lien on the property in
the amount of the costs incurred. If the lender or claimant fails to make
arrangements to collect the property after one year from the date of notice,
the museum acquires title to the property and may sell, dispose of, or retain
the property.
(Source: P.A. 90-604, eff. 1-1-99.)
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