(a) A museum may obtain ownership of a loan if:

1. (1) The loan agreement has expired; or
2. (2) The loan has been in the museum’s custody for more than ten (10) years and the loan agreement does not provide for a longer term for the loan or another disposition.

(c)

1. (1) If the return receipt showing receipt of the notice is returned and the lender fails to object within ninety (90) days of the date of the return receipt:

   1. (A) The loan shall be considered abandoned; and
   2. (B) Its ownership shall vest in the museum.
2. (2) If the museum did not receive a return receipt showing receipt of the notice, the museum may proceed as follows:

3. (1)

   1. (A) If the museum is unable to determine the identity of the lender or the lender’s address, the museum shall publish the legal notice at least one (1) time a week for four (4) consecutive weeks in at least one (1) newspaper with general circulation in the county of the last known address of the lender, and in which the museum is located, or a newspaper of statewide circulation.
   2. (B) See attachment 3, sample ad; and
4. (2) If the lender fails to object within ninety (90) days from the last date of the publication, the loan shall be considered abandoned and its ownership shall vest in the museum.