Who Owns Lost, Mislaid & Abandoned Items?

These include situations in which an individual loses ownership rights to another person. 

Lost Items - Things that are lost may also acquire a new owner through possession. Most states have a statutory procedure in place for establishing ownership rights in lost property. These statutes generally require that the lost property be advertised for a period of time in an effort to notify the original owner. If, however, the original owner fails to claim the lost item, ownership rights vest in the individual who found the item. The purpose of such statutes is to avoid the situation where no one owns or makes beneficial use of lost items. Without following this procedure, the finder of the lost property obtains limited ownership rights through possession, which may always be subject to challenge by the original owner. 

Mislaid Items - These are items that are lost or left behind by an individual. It commonly arises when someone leaves clothing or accessories behind in a store or restaurant. The owner of the location where the item was left becomes the guardian of the property until retrieved. After a reasonable amount of time without the owner coming to claim the item, the guardian of the property may follow the statutory procedure to establish ownership rights. In the absence of following a procedure to establish ownership, the holder has limited ownership rights simply by possession. 

Abandonment - Mislaid or lost property may be deemed abandoned. If a mislaid or lost item is abandoned, the finder may retain the item and claim ownership. The key attribute is that the original owner must demonstrate an unequivocal intent to abandon the property. Intent can be inferred from conduct, such as stopping looking for it, permanently leaving the geographic area, etc. 

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