§ 1153 - Property held pursuant to a loan agreement - Vermont Statutes

§ 1153. Property held pursuant to a loan agreement

(a) Property in the possession of a museum subject to a loan agreement shall be deemed to be donated to the museum, provided:

(1) No claim is made or action filed to recover the property after termination of the loan.

(2) The museum provided notice as required pursuant to section 1154 of this title.

(3) No assertion of title has been filed within 180 days following the date of the third published notice.

(b) A museum may terminate a loan of property if the loan was for an indefinite term and the property has been held by the museum for 10 years or more by providing notice pursuant to section 1154 of this title. For the purposes of this chapter, property on permanent loan shall be considered property loaned for an indefinite term.

(c) A museum may terminate a loan of property loaned for a specified term by providing notice pursuant to section 1154 of this title any time after the expiration of the specified term or earlier if permitted by the loan agreement.

(d) The owner of property on loan to a museum shall notify the museum promptly of any transfer of ownership or change in address of the owner.

(e) Prior to acceptance of a loan of property, a museum shall provide to the owner of the property written notice of the provisions of this chapter. (Added 2007, No. 127 (Adj. Sess.), § 1.)