ABANDONED PROPERTY SAYS WHAT?

It is the property that is left by an owner. The owner has intentionally relinquished all rights to its control. When a property is intentionally abandoned, it belongs to no one until it is found. When it is found, the title (ownership) transfers to whoever finds it. The possession also goes to the finder who is intent to take ownership. 

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TYPES OF ABANDONED PROPERTY

Personal property has two categories, tangible and intangible. In intangible property, you can handle the property physically such as clothes, jewelry, furniture, etc. While in intangible property, you cant handle it physically. Few examples are stocks, trust fund accounts, etc. You can refer to it as a chattel also. 

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EXAMPLES OF ABANDONED PROPERTY

Some examples could be taking the property to their home, or putting a sign on the property which indicates their ownership. A common example is when renters leave behind items when moving to a new home. Many people may leave behind furniture they do not wish to move or mattresses that they do not know what to do with. The abandoned property is prevalent near college campuses, as students often leave the personal property after their classes end and they return home. 

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the key Rules

Often, when you find the abandoned property, it is hard to determine whether the owner left it there intentionally or unintentionally. Moreover, each state has different laws on how to handle abandoned personal property. Generally speaking, if it is possible to identify the owner, the law requires that you attempt to return the property to the owner. 

An example of this would be if you found an item in a restaurant or movie theater. You should ask the owner of the restaurant or movie theater if someone misplaced the item and has asked about the lost item.

In many states, you have to leave the found property with law enforcement for a timeframe. After that period, you may claim it as your own. However, if you have followed all of your state’s procedures, and if the owner does not come forward, then you may be entitled to keep the property for yourself. If the owner comes forward at a much later date to claim ownership, they will need to have a legal explanation as to why they did not claim the property sooner.

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Personal property is considered to be abandoned when the property’s true owner has intended to disown it. In this condition, it is apparent that the owner has no intention of returning to claim the property. Some states maintain statutes that determine that specific types of abandoned personal property escheat; or, they become the property of the estate. Some of the most common examples of such property include cars, wrecked ships, and wrecked aircraft.

How Long Before Property Is Considered Abandoned?

Let me explain this with a simple example.

An example of this would be if someone puts a couch on their curb with a “free” sign. Someone else wishes to claim the couch. They will load it up and take it home with them. Some processes may be more complicated when the abandoned property is something more complex, such as a vehicle abandoned on the side of the road.

When determining whether to grant possession of the above-said property to the finder, a court will consider the item type as well as where it was found. This is done in order to determine whether the finder of the abandoned property actually has a right to the item.

Generally speaking, personal property that has been abandoned or lost will be given to the finder. This is not true if the item is found at a residence that is occupied by the owner. If an employee finds an item over the course of their employment, the item belongs to the employer.

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CONCLUSION

There’s no doubt about it: compliance with abandoned property laws can be a hassle. But the increased risks of audits as well as the substantial interest and penalties associated with failure to report and remit abandoned property make prospective record keeping and compliance a necessity.