Lost/Mislaid/Abandoned Property

Question 1

What are the principles for allowing acquisition through lost/mislaid/abandoned?

Answer 1

1. Award people for taking the initiative, efficient use of resources; based on fairness.

Question 2

Lost Property

Answer 2

• Owner involuntarily parts with possession but retains ownership; legal finder is the actual finder
  b. Finder- Acquires right to posses and has right to possess in preference to everyone but the true owner. Title is relative and not absolute. Fairness (SOL)

Question 3

Mislaid

Answer 3

-Owner voluntarily parts with possession and forgets it; legal finder is the owner of the location in question

Finder: has right to possession but NOT ownership.

Exceptions:
i.Treasure Trove-antiquity characteristics (unless actual finder is trespasser).

Question 4

Abandoned

Answer 4

• Given nature of property and circumstances where found its clear true owner relinquished all interest in the property.
• Mere passage of time not enough

Legal finder is the actual finder; becomes the true owner

Question 5

Duties of Finder

Answer 5

a. Only obtain ownership by operation of law, otherwise only a bailee
b. Reasonable care for property under the circumstances
c. Reasonable attempt to find true owner
i. What is reasonable depends on value
ii. If don’t try to find, may be wrongful possessor
d. Statute of limitations
i. Doesn’t start to run until attempt to find true owner – Rule of Discovery

Question 6

What are the exceptions to lost property rights?

Answer 6

Exceptions:

i. Highly private location- Where prop. found where public not invited owner of that location will retain possessory rights.
ii. Buried property
iii. Found by trespasser
iv. Found by employee- Possessory right goes to employer