Md. Code, Commercial Law § 17-403
This is the official text of Md. Code, Commercial Law § 17-403, part of Maryland’s Code, Commercial Law — governs commercial transactions - Maryland's version of the Uniform Commercial Code.
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§17–403.
Official statutory text
(a) A museum may acquire title to undocumented property held by the museum for at least 3 years by giving notice that the museum is asserting title to the undocumented property.
(b) In addition to the information required under § 17–408 of this subtitle, the notice required under subsection (a) of this section shall contain the following statement:
“The records of (name of museum) fail to indicate the owner of record of certain property in its possession. The museum hereby asserts title to the following property: (general description of property). If you claim ownership or other legal interest in this property, you must contact the museum, establish ownership of the property, and make arrangements to collect the property. If you fail to do so within 60 days, you will be considered to have waived any claim you may have had to the property.”.
(c) If, within 60 days after notice is provided, the lender does not respond by giving written notice of intent to retain an interest in the property on loan, the museum’s title to the property becomes absolute.
(b) In addition to the information required under § 17–408 of this subtitle, the notice required under subsection (a) of this section shall contain the following statement:
“The records of (name of museum) fail to indicate the owner of record of certain property in its possession. The museum hereby asserts title to the following property: (general description of property). If you claim ownership or other legal interest in this property, you must contact the museum, establish ownership of the property, and make arrangements to collect the property. If you fail to do so within 60 days, you will be considered to have waived any claim you may have had to the property.”.
(c) If, within 60 days after notice is provided, the lender does not respond by giving written notice of intent to retain an interest in the property on loan, the museum’s title to the property becomes absolute.
Status: in_force · Read it on the official government site
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