NC S697

Allows the Department of Cultural Resources to use net proceeds from selling state-owned artifacts for expenses associated with purchasing, maintaining, or conserving other artifacts, in addition to just purchasing new artifacts.

Creates a new Article 5 in Chapter 121 establishing a process for museums and archives repositories to acquire title to loaned property when the lender cannot be located after 7 years of no contact.

Requires museums and archives repositories to send certified mail notice to the lender's last known address and publish newspaper notices for at least 2 consecutive weeks before acquiring title to loaned property.

Title to loaned property passes to the museum or archives repository 46 days after the last newspaper publication if no valid ownership claim is received.

Establishes that property owners are responsible for notifying museums of their identity and current address, and protects museums from liability for actions taken in good faith reliance on representations of ownership.