§ 13-5-1007 - Duties of lender concerning the lender's loan. - Arkansas Statutes

13-5-1007. Duties of lender concerning the lender's loan.

(a) A lender who has made a loan to a museum shall promptly notify the museum in writing about a change in:

(1) The lender's address; and

(2) (A) A change in the ownership of the loan.

(B) (i) It shall be the responsibility of the owner of a loan to provide sufficient proof of his or her ownership to the museum.

(ii) If there is a dispute about ownership, the museum shall not be liable for its good faith refusal to surrender a loan unless ordered by a court of competent jurisdiction.

(b) If the museum notifies the lender by certified or registered mail, return receipt requested, that the loan is terminated, the lender shall:

(1) Acknowledge in writing the termination and inform the museum whether the lender wants the return of the loan; and

(2) (A) Retrieve the loan no later than six (6) months from the date of the museum's notice terminating the loan if the lender wants the loan returned.

(B) If the lender fails to retrieve the loan within the time set out in subdivision (b)(2)(A) of this section, the loan shall be considered abandoned and ownership shall vest in the museum.