                                 CODE OF VIRGINIA

STATUS OF LOANED PROPERTY; STATUTE OF LIMITATIONS ON RECOVERY (§ 55.1-2601)

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 &#xA7;&#xA7; 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 (&#xA7; 55.1-2500 et seq.), but shall
pass to the museum if no person takes action under Chapter 2 (&#xA7; 64.2-200 et
seq.) of Title 64.2.

HISTORY: 2002, c. 883, § 55-210.32; 2019, c. 712.