(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.