Michigan Laws 399.608 – Property loaned for indefinite term
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Terms Used In Michigan Laws 399.608
- Lender: means a person whose name appears on the records of the museum as the person legally entitled to property on loan to a museum, or a person the museum knows to be legally entitled to property on loan to a museum, or a person who establishes his or her legal entitlement to that property. See Michigan Laws 399.602
- 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 399.602Property: 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
Beginning January 1, 1993, regardless of the date of a loan of property, a lender may give notice of termination of a loan of property if the property was loaned for an indefinite term. The lender shall give the museum at least 60 days’ notice before the lender intends to remove the property.