Section 51-705 - Acquisition of title to undocumented property; whenSubject to any existing security interest in the property, a museum may acquire title to undocumented property held by the museum for at least seven years as follows:
(1) The museum must give notice as provided in subsection (3) of section 51-703 that the museum is asserting title to the undocumented property; and(2) If a claimant or lender does not respond to such notice within one year by giving a written notice of intent to retain an interest in the property on loan, the museum's title to the property becomes absolute.Neb. Rev. Stat. §§ 51-705
Laws 1996, LB 1276, § 5; Laws 2024, LB 926, § 2.Amended by Laws 2024, LB 926,§ 2, eff. 7/19/2024.