§ 32-34-5-12 — Acquiring title for property on permanent loan or loaned for specified time; notice

Indiana § 32-34-5-12

• Jurisdiction: Indiana
• Title 32: PROPERTY
• Art. 34: LOST OR UNCLAIMED PERSONAL PROPERTY
• Ch. 5: Property Loaned to Museums

Text

(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.]

Legislative History

As added by P.L.2-2002, SEC.19. Amended by P.L.125-2016, SEC.5.