Regardless of the date of a loan of property, beginning January 1, 1993, a museum may give notice of termination of a loan of property pursuant to section 7 under any of the following circumstances:
  (a) The property was loaned to the museum for an indefinite term.

Terms Used In Michigan Laws 399.606

  • Loan: means a deposit of property that is not accompanied by a transfer of title to the property. See Michigan Laws 399.602
  • Museum: means an institution generally known as a museum, archives, or library located in this state that is or does each of the following:
  (i) Established primarily for artistic, educational, scientific, historic, or preservation purposes. See Michigan Laws 399.602
  • Property: means an animate or inanimate object in a museum's possession or under a museum's care because of that object's artistic, educational, scientific, historic, or cultural value. See Michigan Laws 399.602
  • Undocumented property: means property in the possession of a museum, the owner or lender of which the museum has no reasonable means of identifying. See Michigan Laws 399.602
    •   (b) The property was loaned to the museum for a specific term, and the term has expired.
      (c) The property is undocumented property.
      (d) The museum is permanently closing.
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