‘1. Property to be considered abandoned; definition. Any tangible property held by a museum or historical society within the State that is held for 25 3 years or more without a written gift or loan agreement, or after expiration of a written loan agreement, and to which no a person has not made claim is deemed considered to be abandoned and, notwithstanding Title 33, chapter 41, becomes the property of the museum or society, provided that as long as the estimated market value of the material is less than $100 or the museum or society has complied with subsection 2. The estimated market value must be determined by a qualified appraiser, and a written copy of the determination must be retained in the museum's permanent records.
As used in this section, "museum" means an organization that is operated by a nonprofit corporation, public agency or educational institution primarily for educational, scientific, historic preservation, cultural or aesthetic purposes and that owns, cares for, exhibits, studies, archives and catalogues tangible property and includes, but is not limited to, historical societies, archives and art, history, science and natural history organizations.’