Terms Used In Indiana Code > Title 32 > Article 34 > Chapter 5 - Property Loaned to Museums

• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• lender: means a person whose name appears on the records of a museum as the person legally entitled to, or claiming to be legally entitled to, property held by the museum. See Indiana Code 32-34-5-1
• Lien: A claim against real or personal property in satisfaction of a debt.
• loan: means a deposit of property not accompanied by a transfer of title to the property. See Indiana Code 32-34-5-3
• museum: means an institution located in Indiana that:

  Indiana Code 32-34-5-4

• permanent loan: means a loan of property to a museum for an indefinite period. See Indiana Code 32-34-5-5
• person: means an individual, a nonprofit corporation, a trustee or legal representative, the state, a political subdivision (as defined in IC 36-1-2-13), an agency of the state or a political subdivision, or a group of those persons acting in concert. See Indiana Code 32-34-5-6
• property: means a tangible object under a museum's care that has intrinsic historic, artistic, scientific, or cultural value. See Indiana Code 32-34-5-7
• Trustee: A person or institution holding and administering property in trust.
• undocumented property: means property in the possession of a museum for which the museum cannot determine the owner by reference to the museum's records. See Indiana Code 32-34-5-8