Subject 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;
(2) The notice that the museum is asserting title to the property must include a statement containing substantially the following information: The records of (name of museum) fail to indicate the owner of record of certain property in its possession. The museum hereby asserts title to the following property: (general description of property). If you claim ownership or other legal interest in this property, you must contact the museum, establish ownership of the property, and make arrangements to collect the property. If you fail to do so within three years, you will be considered to have waived any claim you may have had to the property; and
(3) If a claimant or lender does not respond to the notice provided in subdivision (2) of this section within three years 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.