§60-2005. Responsibilities to lender.

162 words·~1 min read·/ok/title-60-property/60-2005

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

In order to take title pursuant to this act, a museum shall have the following obligations to a lender:

1. The museum must keep written records regarding the property for at least two

(2)years from the date of taking title pursuant to this act;

2. The museum must keep written records on all loans acquired. Records shall contain the owner's name, address and phone number, the duration of the loan period and beginning date of the loan period, as well as an itemized list of property being loaned;

3. The museum is responsible for notifying a lender of the museum's change of address or dissolution;

4. The museum shall inform the lender, at the time the loan is made, of state laws governing unclaimed property; and

5. Upon expiration of the loan, the museum must attempt to contact the lender by phone, email, and letter to return the loan. Added by Laws 2025, c. 120, § 5, eff. Nov. 1, 2025.