(1) If a molder chooses to take all rights, title and interest in any mold, the molder shall mail to the customer, at the customer’s last-known address, a notice. The molder shall send the notice by registered or certified mail, return receipt requested.
(2) The notice required by subsection (1) of this section shall state that the molder intends to terminate all of the customer’s rights, title and interest in the mold unless the customer:
(a) Responds within 120 days from the date the notice was mailed; and
(b) Arranges with the molder that the customer shall take possession of the mold or that the molder shall store the mold for the customer.