22-3-504. Loans for an indefinite term. (1) If a museum accepts a loan of property for an indefinite term or for a term longer than 7 years, the museum must inform the lender in writing at the time of the loan of the provisions of this part.

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Terms Used In Montana Code 22-3-504

  • Loan: means a deposit of property not accompanied by a transfer of title to the property. See Montana Code 22-3-503
  • Museum: means an institution located in Montana and operated by a nonprofit corporation or a public agency primarily for educational, scientific, or aesthetic purposes, and that owns, borrows, or cares for and exhibits, studies, or catalogs property. See Montana Code 22-3-503
  • Property: includes any tangible object, animate or inanimate, that has intrinsic historic, artistic, scientific, or cultural value. See Montana Code 22-3-503
  • Writing: includes printing. See Montana Code 1-1-203

(2)For the purposes of this part, a loan for a specified term becomes a loan for an indefinite term if the property remains in the custody of the museum after the specified term expires.