Do You Know the Difference between Lost, Mislaid & Abandoned Property?
Now you can determine if that jewelery or rare coin you “found” is really lost, mislaid or abandoned property.
Property Law: Lost, Mislaid, & Abandoned Property
In the common law of property, personal belongings that have left the possession of their rightful owners without having directly entered the possession of another person are deemed to be lost, mislaid, or abandoned, depending on the circumstances under which they were found by the next party to come into possession of them. The rights of a finder of such property are determined in part by the status in which it is found. Because these classifications have developed under the ancient and ofttimes archaic common law of England, they turn on fine and nuanced distinctions.
Lost property:
Property is generally deemed to have been lost if it is found in a place where the true owner likely did not intend to set it down, and where it is not likely to be found by the true owner. For example, a necklace found lying on the ground will be deemed to have been lost. At common law, the finder of a lost item could claim the right to possess the item against any other person in the world except the true owner.
Most jurisdictions have now enacted statutes requiring that the finder of lost property must turn it in to the proper authorities; if the true owner does not arrive to claim the property within a certain period of time, the property is returned to the finder as his own. In Britain, many public businesses have a lost property desk, which in the United States would be called a lost and found.
Mislaid property:
Property is generally deemed to have been mislaid (some courts refer to it as misplaced) if it is found in a place where the true owner likely did intend to set it, but then simply forgot to pick it up again. For example, a necklace found in a shop lying on a table or on a chair will likely be deemed misplaced rather than lost. The finder of a misplaced object has a duty to turn it over to the owner of the premises, on the theory that the true owner is likely to return to that location to search for his misplaced item. If the true owner never shows up, the property becomes that of the owner of the premises.
Abandoned property:
Property is generally deemed to have been abandoned if it is found in a place where the true owner likely intended to leave it, but is in such a condition that it is apparent that the true owner has no intention of returning to claim the item. Abandoned property generally becomes the property of whoever should find it and take possession of it first, although some states have enacted statutes under which certain kinds of abandoned property – usually cars and wrecked ships – become the property of the state.
Recent developments:
In the United States, the National Conference of Commissioners on Uniform State Laws sought to address the problems arising from these types of property through provisions of the Uniform Unclaimed Property Act. The act was first drafted and promulgated in 1981, and was revised in 1995. The act specifically focuses on the problem of unclaimed money in bank accounts and corporate coffers.
