(A) A nonprofit organization holding abandoned cultural property shall attempt to notify the lender of intent to terminate the loan through the following methods before claiming title to the property:
(1) by sending a certified mail letter to the lender's last known address and if the lender has not responded to this letter within sixty days;
(2) by contacting the tax commission in the state of the lender's last known address in writing to request a forwarding address for the lender and sending a letter by certified mail to this address, if different from the address to which a certified letter has been mailed pursuant to the requirements of item (1); and
(3) by publishing notice and listing of the property in:
(a) one newspaper of general circulation in the county in which the nonprofit organization is located for at least once a week for four weeks and in the county of the lender's last known address; and
(b) a publication or catalogue of the nonprofit organization.
(B) The notice required by subsection (A) must contain:
(1) the name and last known address, if any, of the last known owner of the property;
(2) a description of the property; and
(3) a statement that if proof of claim is not presented in writing by the lender, his heirs or assignees to the nonprofit organization, and if the owner's right to receive the property is not established to the nonprofit organization's satisfaction within one hundred twenty days from the date of the fourth published notice in newspapers, the property is considered abandoned and becomes the property of the nonprofit organization.
HISTORY: 1987 Act No. 22, Section 1.