Basically a long term loan then. It's not unheard of. They're not quite ready to let go completely but want the machine to be where it's appreciated. I have an old Kodak box camera that was given to me under the same circumstances. My uncle told me a friend of his was loaning me the camera for my collection at the time probably 30 years ago. My uncle passed several years ago and I never learned who actually owned the camera.
It looks like a great machine. A very nice looking cabinet and the machine appears very well kept and is in great cosmetic condition. I don't think it was used all that much. I don't see any wear on the bed of the machine. It looks nearly new. Joe already explained about the drive wheel. I would love to have a machine like it. I still haven't stumbled onto the right deal for a machine with a turtleback motor like yours.
Rodney