A museum may acquire title to undocumented property held by the museum for at least 3 years as follows:
(1) The museum must give notice that the museum is asserting title to the undocumented property.
(2) The notice that the museum is asserting title to the property must include a statement containing substantially the following information:
“The records of (name of museum) fail to indicate the owner of record of certain property in its possession. The museum hereby asserts title to the following property:
(3) If a lender does not respond to the notice within 60 days 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.