Under English Law an unincorporated joint-venture may take the form of a contract, e.g. a Consortium Agreement.
Therefore, subject to overcoming any ‘legal obstacles’ to the ‘pledging’ and ‘lending’ of items in a Museum’s collection, that are:
(i) contained in a Museum’s Governing Statute/Trust Deed/Charter; and/or
(ii) which are attached to a ‘gift’ of an item to a Museum, i.e. as a legally enforceable ‘restriction’ on:
(a) ‘notional’ transfer by ‘Pledge’ (as security); and
(b) actual ‘physical transfer’ by ‘delivery into possession’, in furtherance of a ‘Loan’,
then it would appear that a group of Museums may enter into a framework Consortium Agreement, whereby they agree under the terms of that ‘Umbrella’, to enter into future ‘project-specific’ arrangements for the ‘reciprocal loan’ of artefacts in their respective collections, i.e. by subsequently entering into a series of bespoke ‘Loan Agreements.’
In the context of collaboration between Museums and Galleries, which includes state actors, this ‘Umbrella’ could be described as being a ‘Cultural
Collaboration Agreement.’
So, if as ‘consideration’ for entering into the contract (which in any event would be executed as a Deed), each party agreed to ‘anchor’ and notionally ‘capitalise’ the ‘Cultural Collaboration Agreement’, by pledging assets as reciprocal ‘security’, then would the transfer of these assets by subsequent ‘loan’ in furtherance of the ‘Umbrella Cultural Collaboration Agreement’ = ‘Deaccessioning?’
Note that Legal ownership of these ‘Anchor’/’Notional Capitalisation Assets’, would remain vested in the Trustees of each Museum, so e.g. if Museum 1 pledges an asset [‘Asset M.1’] as security to Museum 2, i.e. in return for Museum 2 reciprocally pledging an asset ‘[Asset M.2’] as security to M.1, then legal title to ‘Asset M.1’ will remain vested in M.1, even though M.2 may under the terms of a subsequent bespoke ‘Loan Agreement’ created under the ‘Umbrella Framework Cultural Collaboration Agreement’, have been granted an indefinite ‘Loan’ of ‘Asset M.1’, by M.1.
By drafting each ‘Pledge’ Deed with ‘creative ingenuity’, could delivery into possession for the purposes of capitalising the Pledge for Asset M.1, be contractually deferred, until the expiry of the date under the Loan Agreement for Asset M.2 for return of Asset M.2?
E.G. if Asset M.1 is loaned today by M.1 to M.2 for return on 22 July 2026, i.e.
under terms of the Loan Agreement for Asset M.1., and in parallel today a ‘Pledge Agreement’ is executed under Deed, governed by English Law, which provides for ‘crystallisation’ of the Pledge post delivery in furtherance of the ‘Loan Agreement’ e.g. on 1 August 2026, then technically, how can Asset M.1. have been permanently removed from M.1’s collection by transfer in furtherance of the Loan Agreement today?
What are your thoughts?