(A) If a nonprofit organization does not have records identifying the lender of cultural property and the nonprofit organization has demonstrated its possession of the property for at least ten years without any contact by the lender, the nonprofit organization shall attempt to notify the lender of intent to terminate the loan before claiming title to the property by publishing a notice and listing of the property in:
(1) 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
(2) a publication or catalogue of the nonprofit organization.
(B) The notice required by subsection (A) must contain:
(a) a description of the property; and
(b) 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 satisfaction of the nonprofit organization within one hundred twenty days from the date of the fourth published notice, the property is considered abandoned and becomes the property of the nonprofit organization.
HISTORY: 1987 Act No. 22, Section 1.