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(1) If property is on loan to a museum pursuant to a loan agreement and the loan term expires, then the museum may initiate proceedings, pursuant to KRS 171.840, to cause title to the property to vest in the museum.
(2) After a museum has held property for seven (7) years, other than by the terms of a loan agreement, that museum may initiate proceedings, pursuant to KRS 171.840, to cause title to the property to vest in the museum.
(3) This section shall be retroactive.
Effective: July 15, 1996
History: Created 1996 Ky. Acts ch. 368, sec. 3, effective July 15, 1996.