305B.6 - NOTICE OF INTENT TO TERMINATE LOAN -- ACQUIRING TITLE TO LOANED PROPERTY.
305B.6 NOTICE OF INTENT TO TERMINATE LOAN --ACQUIRING TITLE TO LOANED PROPERTY. 1. A museum may acquire title to loaned property pursuant to thissection. A museum may give notice of termination of a loan ofproperty at any time if either of the following apply: a. The property was loaned to the museum for an indefiniteterm. b. The property was loaned to the museum for a specifiedterm, and that term has expired. 2. If the lender or claimant does not respond to the notice oftermination provided under subsection 1 within one year by filing anotice of intent to preserve an interest in property on loan, themuseum acquires title to the property. 3. A notice of intent to terminate a loan must include astatement containing substantially the following information: "The records of (name of museum) indicate that you have propertyon loan to it. The institution wishes to terminate the loan. Youmust contact the institution, establish your ownership of theproperty pursuant to section 305B.8, and make arrangements to collectthe property. If you fail to do so promptly, you will be consideredto have donated the property to the institution."
Section History: Recent Form 88 Acts, ch 1117, §6 Referred to in § 305B.9, 305B.10, 305B.13