Found Property

Question 1

Types of Found Property

Answer 1

• Abandoned- owner forsakes property without vesting ownership in another
• Lost- owner unintentionally parts with property through carelessness or inadvertance
• Mislaid- owner intentionally sets down property in a place, but forgets where
• Treasure Trove- gold or silver concealed in the earth or other private place
• Embedded- personal property that has become part of the natural earth

Question 2

Abandoned Property

Answer 2

Type of Found

Property

**Finder vs. True Owner **

Finder vs. Owner of Real Property where found

Finder v. the Rest of the World

Abandoned- owner forsakes property

Without vesting ownership in another

·Common Law- Finder

· I.C. 14-501 et seq.- state must be given custody of abandoned intangible property; owner can claim from state

·Common Law- finder

· I.C. 14-501 - state must be given custody of abandoned intangible property; owner can claim from state

·Common Law- finder

Question 3

Lost Property

Answer 3

Type of Found

Property

**Finder vs. True Owner **

Finder vs. Owner of Real Property where found

Finder v. the Rest of the World

Lost- owner unintentionally parts with

Property through carelessness or inadvertence

· Common Law- true owner

· I.C. 55-405- finder must publish notice; if owner doesn’t claim w/in 3 months, finder becomes owner

· Bridges p. 102; (packet of money) finder has title against store owner

· Hannah p. 101 (brooch)- finder has title against store owner

· Armory p. 98; (jewel) finder has title against finder’s bailee

Question 4

Mislaid Property

Answer 4

Type of Found

Property

**Finder vs. True Owner **

Finder vs. Owner of Real Property where found

Finder v. the Rest of the World

Mislaid- owner intentionally set down in a place

But forgets where

· Common Law- true owner

· I.C. 55-finder must publish notice; if owner doesn’t claim w/in 3 months, finder becomes owner

·McAvoy p. 107; (mislaid wallet) shop owner has title against finder

·Common Law- finder

Question 5

Treasure Trove

Answer 5

Type of Found

Property

**Finder vs. True Owner **

Finder vs. Owner of Real Property where found

Finder v. the Rest of the World

Treasure Trove- gold or silver concealed in Earth or other private place

·Common Law- King;

·Modern majority- true owner

·I.C. 55-finder must publish notice; if owner doesn’t claim w/in 3 months, finder becomes owner

· Common Law- King;

·Modern majority- finder

·Idaho (Corliss)- (jar of gold coins) Owner of real property (no distinction from mislaid or embedded)

·Common Law- n/a;

· Modern majority- finder

Question 6

Embedded

Answer 6

Type of Found

Property

**Finder vs. True Owner **

Finder vs. Owner of Real Property where found

Finder v. the Rest of the World

Embedded- personal property that has become

Part of the natural earth

· Common Law- true owner

· I.C. 55-finder must publish notice; if owner doesn’t claim w/in 3 months, finder becomes owner

·South Staffordshire- p. 104-Property owner has title against finder (maybe an agency issue)

· Elwes- p. 105 (pre-historic boat)- property

·owner has title against finder

· n/a