Section 305B.7 - Acquiring title to undocumented property.

IA Code § 305B.7 (2019) (N/A)

Copy with citation

Copy as parenthetical citation

305B.7 Acquiring title to undocumented property.

1. A museum may acquire title to undocumented property held by a museum for seven years or longer with no valid claim or written contact by any person, all verifiable through the museum’s written records, by giving notice of acquisition of title to undocumented property.

2. If a lender or claimant does not respond to the notice provided in subsection 1 within three years by filing a notice of intent to retain an interest in property on loan, the museum’s title to the property becomes uncontestable under section 305B.9.

3. A notice of acquisition of title 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 intends to acquire title to the below described property: (general description of the property). If you claim ownership or other legal interest in this property you must contact the institution, establish your ownership of the property pursuant to section 305B.8, and make arrangements to collect the property. If you fail to do so promptly, you will be considered to have waived any claim you may have had to the property.

88 Acts, ch 1117, §7

Referred to in §305B.13

Previous Section

Section 305B.6 - Notice of intent to terminate loan — acquiring title to loaned property.

Next Section

Section 305B.8 - Notice of intent to preserve an interest in property — requirements — form — disclosure.