Nebraska Statutes 51-705. Acquisition of title to undocumented property; when
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Subject to any existing security interest in the property, a museum may acquire title to undocumented property held by the museum for at least seven years as follows:
Terms Used In Nebraska Statutes 51-705
- Acquire: when used in connection with a grant of power or property right to any person shall include the purchase, grant, gift, devise, bequest, and obtaining by eminent domain. See Nebraska Statutes 49-801
- Year: shall mean calendar year. See Nebraska Statutes 49-801
(1) The museum must give notice as provided in subsection (3) of section 51-703 that the museum is asserting title to the undocumented property; and
(2) If a claimant or lender does not respond to such notice within one year by giving a written notice of intent to retain an interest in the property on loan, the museum’s title to the property becomes absolute.