305B.7 - ACQUIRING TITLE TO UNDOCUMENTED PROPERTY. - Iowa Statutes

305B.7 ACQUIRING TITLE TO UNDOCUMENTED PROPERTY. 1. A museum may acquire title to undocumented property held by amuseum for seven years or longer with no valid claim or writtencontact by any person, all verifiable through the museum's writtenrecords, by giving notice of acquisition of title to undocumentedproperty. 2. If a lender or claimant does not respond to the noticeprovided in subsection 1 within three years by filing a notice ofintent to retain an interest in property on loan, the museum's titleto the property becomes uncontestable under section 305B.9. 3. A notice of acquisition of title must include a statementcontaining substantially the following information: "The records of (name of museum) fail to indicate the owner ofrecord of certain property in its possession. The museum intends toacquire title to the below described property: (general descriptionof the property). If you claim ownership or other legal interest inthis property you must contact the institution, establish yourownership of the property pursuant to section 305B.8, and makearrangements to collect the property. If you fail to do so promptly,you will be considered to have waived any claim you may have had tothe property."         Section History: Recent Form 88 Acts, ch 1117, §7 Referred to in § 305B.13