(1) A museum may give written notice of termination of a loan at any time after the expiration of a loan made for a specified period or at any time if the loan is for an indefinite period. Any loan not evidenced by a writing stating the term of the loan and signed by the lender shall be deemed a loan for an indefinite period.
(2) Notice given under this section shall contain:
A description of the loaned property sufficient to identify it;
The last-known name and address of the lender;
The date of the loan or the date the loaned property was accepted by the museum ifthe loan was not evidenced by a writing;
The name, address, and telephone number of the appropriate officer or official at themuseum to be contacted regarding the loan;
A statement referring the lender to this article and informing him that failure to reclaim his loaned property within one hundred twenty days shall result in the loss of all rights in said property.
Source: L. 88: Entire article added, p. 1251, § 1, effective April 14.