It depends. Contrary to popular belief, possession doesn’t
always determine ownership.
We have all heard the cliche "finders keepers,
losers weepers" and that possession is 9/10ths of the law. So
what other factors affect who owns the diamond ring? ( or "found
property")?
The outcome is different for abandoned property
than it is for lost or mislaid property. If the property is either lost
or mislaid, the true owner still has superior rights of ownership.
Can you give us an example of lost and mislaid property
vs. abandoned property?
Lost property would be the diamond ring found in the public park. Mislaid
property would be hiding cash under you mattress at home then you forget
where you put it.
Abandoned property is an old refrigerator you left in your garage when
you sold it and moved out.
As a practical matter, if you have possession, what difference
does it make whether it is lost or abandoned?
- The true owner can always come back and demand you give him back
his property if it is lost or mislaid.
- Also you give someone complete title to it. You can only sell what
you have, which is possession, not ownership.
Give us a couple of steps a person should do if they find personal property
?
A finder has a duty to make a reasonable effort to find the true owner.
That may mean running an ad in the newpaper or handing out flyers in
the neighborhood.
What if you don’t do anything, what are the possible
legal consequences?
You could be guilty of larceny or sued for conversion of property. Finders
are not always keepers.
