55-210.32 - Status of loaned property; statute of limitations on recovery. - Virginia Statutes

§ 55-210.32. Status of loaned property; statute of limitations on recovery.

A. Except as may be otherwise provided in a written agreement between alender and a museum, no action shall be brought against a museum to recoverloaned property when more than five years have passed from (i) the receipt bythe museum of written communication concerning the loaned property or (ii)any display of interest in the property by the lender as evidenced by amemorandum or other record on file prepared by an employee of the museum.

B. Loaned property shall be deemed to have been donated to the museum if noaction to recover the property is initiated within one year after the museumgave notice of termination of the loan as provided in §§ 55-210.35 and55-210.36.

C. Loaned property shall not be delivered to the Commonwealth, and shall beexempt from the provisions of Chapter 11.1 (§ 55-210.1 et seq.) of thistitle, but shall pass to the museum if no person takes action under Chapter 1(§ 64.1-01 et seq.) of Title 64.1.

(2002, c. 883.)