Ala. Admin. Code r. 460-X-13-.03

Current through Register Vol. 43, No. 1, October 31, 2024

Section 460-X-13-.03 - Property On Loan To The Commission

(a) Property on loan to the Commission for a definite term and which at the end of the term has not been claimed shall be considered subject to acquisition or deaccession if the Commission gives notice pursuant to 460-X-13-.05. and no assertion of title has been made.

(b) Property on loan to the Commission for an indefinite term and held by the Commission for five years without being claimed shall be considered subject to acquisition or deaccession if the Commission gives notice pursuant to 460-X-13-.05 and no assertion of title has been made. Property on "permanent loan" to the Commission shall be deemed to be loaned for an indefinite term.

New Rule: Filed September 13, 2012; effective October 18, 2012.

Author: William D. Little, Clyde Eller

Statutory Authority:Code of Ala 1975, § 41-9-249(7) a.