§ 34-44.1-2. Property held subject to a loan agreement.
(a) Any property on loan to a museum that is subject to a loan agreement shall be deemed to be donated to the museum if:
(1) No claim of ownership is made or action filed to recover such property by the owner or lender after termination or expiration of the loan; and
(2) The museum has given notice, in accordance with the provisions of § 34-44.1-5 of this chapter, and no claim of ownership is made or action to recover such property is filed on or before sixty (60) days after the publication of the notice.
(b) A museum may terminate a loan of property for any property that was loaned to the museum for an indefinite term if the property has been in the possession of the museum for at least five (5) years. Any property on loan to a museum and whose loan agreement indicates that such property is on permanent loan to the museum shall be considered loaned for an indefinite term for purposes of this subsection. The property for any loan of property that has been terminated pursuant to this subsection shall be deemed donated to the museum.
(c) A museum may terminate a loan of property for any property that was loaned to the museum for a specified term after the expiration of such specified term, provided the museum provides notice of such termination in accordance with the provisions of § 34-44.1-5 of this chapter. The property for any loan of property that has been terminated pursuant to this subsection shall be deemed donated to the museum.
(d) It shall be the responsibility of the lender of property loaned to a museum to provide the museum with written notice of any change of the lender’s address, of the lender’s designated agent, of the designated agent’s address, and of the name of the new owner or lender if there is a change in the ownership of the property loaned to the museum.
(e) A museum accepting a loan of property shall inform the lender of such property in writing of the provisions of this chapter.
History of Section.
P.L. 2013, ch. 160, § 1; P.L. 2013, ch. 219, § 1.