Finders Rules

Question 1

Lost Property

Answer 1

Property is lost when the owner unintentionally and involuntarily parts ways with it

Question 2

Mislaid Property

Answer 2

When the owner voluntarily and knowingly places their property somewhere, but unintentionally forgets it.

Question 3

Abandoned property

Answer 3

When the owner knowingly relinquishes all rights, title, and interest in their property

Question 4

Treasure trove

Answer 4

When the owner concealed their property in a hidden location long ago. Usually gold, silver, coins, or currency.

Question 5

Who has the greatest possessory interest in lost property (besides the true owner)

Answer 5

The finder has greater possessory rights than any subsequent finder or the owner of the locus in quo.

Question 6

Who has the greatest possessory interest in mislaid property (besides the true owner)?

Answer 6

The owner of the locus in quo

Question 7

When does lost property go to the owner of the locus in quo?

Answer 7

If the property is embedded or affixed to the land, or if the property was in a place where the owner of the locus in quo was not in control of (open to the public).

Question 8

What two questions must be answered in order to apply the rule of find?

Answer 8

What is the category of the found property?
Where was the property found?

Question 9

Bailments

Answer 9

The rightful possession of goods by one who isn’t the true owner. Bailee (finder) owes a duty of care to the bailor (true owner). For found property bailees are only liable for gross negligence or bad faith.