If I have possession of an item that was given to me to hold about 11 years ago and the owner has not asked for it back, can I sell it legally since I have had it for such a long time?
2007-02-27 09:22:04 · 4 answers · asked by ♦ Phoenix Rising♦ 6 in Politics & Government ➔ Law & Ethics
In Indiana
2007-02-27 09:57:15 · update #1
Possessory property rights over property of another are divided into three categories
title of lost property
title of mislaid property
title of abandoned property
lost property is property that is severed from the possession of the owner unintentionally.
mislaid property is property that is severed from the possession of the owner intentionally
abandoned property is property in which the owner has either relinquished title (right to sell or possess), or the property owner cannot be identified.
Because your friend intentionally gave you the property, then forgot about it, it comes under the definition of mislaid property.
When someone attempts to claim title to mislaid property, they must make a reasonable effort to attempt to contact the original owner. If this is impossible, you acquire title.
Sometimes a statute of limitations applies, in which case you automatically gain title to the property after the time period (usually 10-20 years). In some jurisdictions, there is no statute of limitations.
A first year property law case comes to mind where an amateur archeologist discovered some buried Indian artifacts that were about 500 years old on another person's property. These artifacts were worth about $100k and the archeologist, the landowner, and an Indian tribe all claimed title. It all came under the status of the artifacts and the court reasoned that they 1. could not be considered buried treasure (finders keepers rules apply) 2. could not be considered lost property (goes to land owner) 3. could not be considered abandoned property (goes to the finder). 4. but it would be considered mislaid property because the burial artifacts were intentionally put in the ground. Consequently, the Indian tribe was able to claim ownership of the burial artifacts of their ancestors.
If the item is unique and you sell it, the original owner could get the item back from the person to whom you sold it, and that person could get his money back from you.
If the item is not unique and you sell it, the original owner could get the money you received from the sale.
I would make a showing that you are making a reasonable effort to contact the true owner. With that proof, you can cover yourself for attempting to sell the property as "abandoned".
Otherwise, I would hold onto it.
2007-02-27 10:09:34 · answer #1 · answered by Discipulo legis, quis cogitat? 6 · 0⤊ 0⤋
The laws on this vary from state to state. Check with an attorney in your area, or post your state and maybe an attorney from there will see it on here.
2007-02-27 17:31:44 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Not if they did not, or do not, intend for you to have it permanently.
If you do what you are asking about it called conversion and it is illegal.
2007-02-27 17:28:52 · answer #3 · answered by C B 6 · 0⤊ 0⤋
It is now abandoned property.
2007-02-27 17:25:46 · answer #4 · answered by Smitty 5 · 1⤊ 1⤋