IN HB1368

Repeals the definition of "permanent loan" and creates new categories of property: "unclaimed property" (lender known but not contacted for 30 years on indefinite loans or 7 years on expired definite loans) and "undocumented property" (lender unknown or loan status unclear).

Allows museums to acquire title to unclaimed property through certified mail notice, with proper notice given if proof of receipt is received within 30 days, regardless of whether the lender actually resides at that address.

Reduces the response period for undocumented property claims from three years to one year after publication notice, and allows museums to reference property categories and item counts instead of individually describing each item.

Establishes that property with unknown owner identity and unclear gift-versus-loan status is conclusively presumed to be a gift if ownership is not claimed within 90 days of discovery (replacing the previous "unknown source" and "reasonably assumed to be a gift" standard).

Effective July 1, 2014, and applies to Indiana Code Section 32-34-5 regarding museum property rights.