New Jersey Statutes 46:30D-11. Agreements between lender and museum; application of act
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Terms Used In New Jersey Statutes 46:30D-11
- Escheat: Reversion of real or personal property to the state when 1) a person dies without leaving a will and has no heirs, or 2) when the property (such as a bank account) has been inactive for a certain period of time. Source: OCC
- Lien: A claim against real or personal property in satisfaction of a debt.
- State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
11. a. A lender and museum may agree in writing to terms and conditions for a loan of property different than the provisions set forth in this act.
b. Except as otherwise specifically provided by law, regulation, or rule, property on loan to a museum shall not escheat to the State under any State unclaimed property law.
c. An interest in or right to property on loan to a museum other than that specifically addressed in this act shall not be affected by this act.
d. A museum shall have a lien for expenses incurred for the reasonable care of property on loan to the museum that is unclaimed after the museum complies, on or after the effective date of this act, with sections 4 and 5 of this act.
e. This act shall apply with regard to any property loaned to a museum before the effective date of this act.
L.2011, c.109, s.11.