Tex. Prop. Code Section 80.005
Intent to Terminate Loan; Form; Transformation of Specified Term to Indefinite Term

(a)

A museum may give the lender notice of the museum’s intent to terminate a loan that was made for an indefinite term or for a term in excess of seven years. A notice of intent to terminate a loan given under this section must comply with Section 80.003 (Notice to Lender) and must include a statement containing substantially the following information:

(b)

If, within 65 days after the date of the notice given under Subsection (a), the lender fails to contact the museum, establish ownership of the property, and make arrangements to collect the property, the property is considered to be donated to the museum.

(c)

For the purposes of this chapter, a loan for a specified term becomes a loan for an indefinite term if the property remains in the custody of the museum when the specified term expires.
Added by Acts 1987, 70th Leg., ch. 1076, Sec. 1, eff. Sept. 1, 1987.

Source: Section 80.005 — Intent to Terminate Loan; Form; Transformation of Specified Term to Indefinite Term, https://statutes.­capitol.­texas.­gov/Docs/PR/htm/PR.­80.­htm#80.­005 (accessed Apr. 29, 2024).

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Accessed:
Apr. 29, 2024

§ 80.005’s source at texas​.gov