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(1) If a customer does not claim possession from a molder of a mold within three years following the last prior use of the mold, the molder may transfer all rights and title to the mold in accordance with this section.
(2)
(a) Prior to obtaining all rights and title to the mold, the molder shall send written notice by registered mail to the last-known address of the customer notifying the customer that the molder is terminating the customer's rights and title to the mold.
(b) The notice required under Subsection (2)(a) shall disclose the rights of the customer under Subsection (3).
(3) All rights and title of the customer to the mold are transferred to the molder 120 days from the date the notice required by Subsection (2)(a) is sent unless the customer:
(a) responds in person or by mail to claim possession of the mold within the 120-day period; or
(b) makes other contractual arrangements with the molder for the storage of the mold.
(4) After rights and title to a mold are transferred to the molder under Subsection (2), the molder may destroy or otherwise dispose of the mold without liability to the customer.