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Date: | Mon, 15 Nov 2004 13:41:51 -0600 |
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Good Afternoon John,
Here is my two cents on your question.
I would call it a "long-term" loan rather than a "permanent loan." I am
not sure what a permanent loan means....is it loan or not? When you use
the term long-term loan everybody (should) understand their loan (read:
bailment) reality and responsibilities for both parties. I would make
the term of the loan for no more than 5 years with the loan/bailment
agreement to be re-visted by both parties after 3 years.... with
hopefully an extension for 5 more years after the third year
revisit/discussion. If every three years, both parties agree on all
matters, then this bailment/loan could go indefinitely, but as we all
know things change. By re-visiting the loan agreement and discussing
the arrangement, both parties are reminded of their bailment
responsibilities and can act in a timely manner if necessary.
Best Wishes for Success,
Wesley
Wesley S. Creel
Administrator of Programs
Pink Palace Family of Museums
Memphis, TN U.S.A.
www.memphismuseums.org
please note that my e-mail address is changing to
[log in to unmask]
-----Original Message-----
From: Museum discussion list [mailto:[log in to unmask]] On
Behalf Of John Martinson
Sent: Monday, November 15, 2004 12:17 PM
To: [log in to unmask]
Subject: permanent loan
We have a "50,000" pound object that a city wants to put on display
in a public park for interpretation. Would anyone have any legal
language that allows us to "loan" (through an outgoing loan
agreement) the object on a permanent basis, but still retain ownership
of the item? Thanks!
John Martinson
Museum Specialist
Snake River Area Office
Boise, ID
(208) 383-2287
RECLAMATION
Managing Water in the West
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