Illinois Compiled Statutes 765 ILCS 1033/30 – Notice of Intent to Terminate a Loan; Acquiring Title to Loaned Property
Current as of: 2024 | Check for updates
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(a) A museum may acquire title to loaned property pursuant to this Section. A museum may give notice of the museum’s intent to terminate a loan of property at any time if:
(1) the property was loaned to the museum for an
(1) the property was loaned to the museum for an
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indefinite term; or
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(2) the property was loaned to the museum for a
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specified term, and that term has expired.
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(b) A mailed notice of intent to terminate a loan shall include a statement containing substantially the following information:
“The records of (name of museum) indicate that you have property on loan to it. The museum hereby terminates the loan. If you desire to claim the property, you must contact the museum, establish your ownership of the property, and make arrangements to collect the property. If you fail to do so within one year after the date of this notice, you will be considered to have donated the property to the museum.”
(c) If a lender or claimant does not respond to the notice of intent to terminate the loan within one year from the date of the notice, the museum acquires title to the property and may sell, dispose of, or retain the property.
(d) If a lender or claimant responds to the notice of intent to terminate the loan within one year from the date of the notice, but does not collect the property within 90 days from the date of his or her response, and unless a loan agreement provides otherwise, the museum may place the property in storage and the museum acquires and may enforce a lien on the property in the amount of the costs incurred. If the lender or claimant fails to make arrangements to collect the property after one year from the date of notice, the museum acquires title to the property and may sell, dispose of, or retain the property.
Terms Used In Illinois Compiled Statutes 765 ILCS 1033/30
- Lien: A claim against real or personal property in satisfaction of a debt.
“The records of (name of museum) indicate that you have property on loan to it. The museum hereby terminates the loan. If you desire to claim the property, you must contact the museum, establish your ownership of the property, and make arrangements to collect the property. If you fail to do so within one year after the date of this notice, you will be considered to have donated the property to the museum.”
(c) If a lender or claimant does not respond to the notice of intent to terminate the loan within one year from the date of the notice, the museum acquires title to the property and may sell, dispose of, or retain the property.
(d) If a lender or claimant responds to the notice of intent to terminate the loan within one year from the date of the notice, but does not collect the property within 90 days from the date of his or her response, and unless a loan agreement provides otherwise, the museum may place the property in storage and the museum acquires and may enforce a lien on the property in the amount of the costs incurred. If the lender or claimant fails to make arrangements to collect the property after one year from the date of notice, the museum acquires title to the property and may sell, dispose of, or retain the property.