[davidspitzer]

I am just a law student so this should not be construed as legal advice but this is my understanding from my studies:


A finder of property acquires no rights in mislaid property, is entitled to possession of lost property against everyone except the true owner, and is entitled to keep abandoned 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

"Lost Property" is contrasted with of "misplace property"

Property is generally deemed to have been mislaid or 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 wallet found in a shop lying on a counter near a cash register will likely be deemed misplaced rather than lost. Under common law principles, 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 does not return within a reasonable time (which varies considerably depending on the circumstances), the property becomes that of the owner of the premises

A person who finds lost property has a duty to try to determine its owner. Typical state laws require the finder to make a “reasonable effort” to locate the original owner. Additionally, the finder must take “reasonable care” of the lost property by maintaining it in adequate condition.

Laws in some states require repayment for the finder’s expenses in caring for and returning the lost property. The person who finds a lost horse, for example, feeds it for several weeks and rents a horse trailer to return it to the owner should be reimbursed for the hay and rental expenses.