(a) Any property in the possession of a museum that is not subject to a loan agreement shall be deemed to be abandoned if:
(1) The property is unclaimed and has been in the possession of the museum as unclaimed property for at least five (5) years;
(2) The museum has given notice, in accordance with the provisions of § 34-44.1-5; and
(3) No claim of ownership is made or action to recover such property is filed on or before sixty (60) days after the publication of the notice.
(b) Any abandoned property in the possession of a museum shall become the property of such museum.