A. Except as may be otherwise provided in a written agreement between a lender and a museum, no action shall be brought against a museum to recover loaned property when more than five years have passed from (i) the receipt by the museum of written communication concerning the loaned property or (ii) any display of interest in the property by the lender as evidenced by a memorandum or other record on file prepared by an employee of the museum.
B. Loaned property shall be deemed to have been donated to the museum if no action to recover the property is initiated within one year after the museum gives notice of termination of the loan as provided in §§ 55.1-2604 and 55.1-2605.
C. Loaned property shall not be delivered to the Commonwealth, and shall be exempt from the provisions of Chapter 25 (§ 55.1-2500 et seq.), but shall pass to the museum if no person takes action under Chapter 2 (§ 64.2-200 et seq.) of Title 64.2.