Museum's ability to acquire title to property held by loan or otherwise

(1) If property is on loan to a museum pursuant to a loan agreement and the loan term expires, then the museum may initiate proceedings, pursuant to KRS 171.840, to cause title to the property to vest in the museum. (2) After a museum has held property for seven (7) years, other than by the terms of a loan agreement, that museum may initiate proceedings, pursuant to KRS 171.840, to cause title to the property to vest in the museum. (3) This section shall be retroactive.