Iowa Code 305B.6 – Notice of intent to terminate loan — acquiring title to loaned property
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1. A museum may acquire title to loaned property pursuant to this section. A museum may give notice of termination of a loan of property at any time if either of the following apply:
a. The property was loaned to the museum for an indefinite term.
b. The property was loaned to the museum for a specified term, and that term has expired.
Terms Used In Iowa Code 305B.6
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- Loan: means a deposit of property not accompanied by a transfer of title to the property. See Iowa Code 305B.2
- Loan: means a deposit of property not accompanied by a transfer of title to the property. See Iowa Code 305B.2
- Museum: includes , but is not limited to, historical societies, historic sites or landmarks, parks, monuments, and libraries. See Iowa Code 305B.2
- Museum: includes , but is not limited to, historical societies, historic sites or landmarks, parks, monuments, and libraries. See Iowa Code 305B.2
- Property: means a tangible object, animate or inanimate, under a museum's care which has intrinsic historic, artistic, scientific, or cultural value. See Iowa Code 305B.2
- Property: means a tangible object, animate or inanimate, under a museum's care which has intrinsic historic, artistic, scientific, or cultural value. See Iowa Code 305B.2
- year: means twelve consecutive months. See Iowa Code 4.1
2. If the lender or claimant does not respond to the notice of termination provided under subsection 1 within one year by filing a notice of intent to preserve an interest in property on loan, the museum acquires title to the property.
3. A notice of intent to terminate a loan must include 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. You must contact the institution, establish your ownership of the property pursuant to section 305B.8, 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.