As mentioned in Cathy Westfeldt's message, check Malaro's legal primer;
for the legal well-being of your museum and the mental well-being of
your registrars, please do not use the phrase "permanent loan."  Refer
to it as "Extended loan" only and regularly renew the contract with the
donor roughly every 2-3 years.  Consider thinking ahead of how to
encourage this donor to fully donate the object in question (partial
gifts can also be another paper trail annoyance) to your museum, whether
as an end-of-year tax deduction or a promised gift in a will.  Remember
to get everything in writing and you may have to "remind" your donor
several times that paperwork to such an agreement is ready for them to
sign.

Also might want to keep in mind the condition of the object and perhaps
find a way to convince the donor to also include monetary support for
the conservation of the object such that your visitors can continue to
enjoy its presence for years to come.

cheers

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