Subject to any existing security interest in the property, a museum may acquire title to property on permanent loan or loaned for a specified term that has expired if: (1) The museum gives written notice that the museum is terminating the loan of the property; (2) The notice that the loan of the property is being terminated includes a statement containing substantially the following information: The records of (name of museum) indicate that you have property on loan to it. The institution wishes to terminate the loan. If you desire to claim the property, you must contact the institution, establish your ownership of the property, and make arrangements to collect the property. If you fail to do so promptly, you will be considered to have donated the property to the institution; and (3) The lender does not respond to the notice of termination provided under subdivision (1) of this section within one year after receipt of the notice by filing a notice of intent to preserve an interest in the property on loan.
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