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Abandoned property

Personal property left by an owner who intentionally relinquishes all rights to its control.  Real property may not be abandoned. See Adverse Possession.

At common law, a person who finds abandoned property may claim it.  To do so, the finder must take definite steps to show their claim.  For example, a finder might claim an abandoned piece of furniture by taking it to her house, or putting a sign on it indicating her ownership.

Many jurisdictions have statutes that modify the common law's treatment of lost or abandoned property.

 

Richy is a superstar athlete.  One day, he tosses his shoes in the trash can next to his house.  Paul takes the shoes and sells them for $10,000.  Richy sues Paul for conversion and wins.  Paul argues that Richy abandoned his shoes, but the court concludes that Richy did not voluntarily relinquish all rights to their control.  As unlikely as it seems, Richy could have removed the shoes from his trash can once they dried out and worn them again.  Paul loses all money from the sale of Richy's shoes.

Next summer, Richy throws his watch into the same trash can.  He then puts the trash can on the curb for collection.  Paul follows the garbage truck and finds the watch before it is placed in the landfill.  Paul sells the watch for $1 million.  This time, Paul gets to keep the money.  By voluntarily placing the watch on the curb for collection, Richy relinquished all rights to its control.  Since the watch was abandoned by its previous owner, Paul was free to claim it and dispose of it for money.