§ 17-402
235 words·~1 min read·
/md/commercial-law/17-402A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§17–402.
(1)A museum may acquire title to property that is on permanent loan to the museum or that was loaned for a specified term that has expired by giving notice that the museum is terminating the loan of the property.
(2)In addition to the information required under § 17–408 of this subtitle, the notice required under paragraph
(1)of this subsection shall contain the following statement:
“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 within 60 days, you will be considered to have donated the property to the museum.”.
(3)If, within 60 days after receiving the notice, the lender does not respond by filing a notice of intent to preserve an interest in the property on loan, clear and unrestricted title is transferred to the museum.
(b)If a loan of property to a museum is not a permanent loan and does not have a specific expiration date, the property is presumed abandoned if, for at least 7 years after the date the museum took possession of the property, there has not been any written communication between the museum and the lender or lender’s designated agent.