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One “rule” we all learned as kids is “Finders keepers.” You find something and nobody claims it, it’s yours to keep or do with as you wish. That’s pretty much how it is with abandoned property that comes into our possession as adults.

While the details may vary by state, the basic principle under common law is that anyone who finds abandoned property may claim it as their own. The question is, what is considered material abandonment?

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What is Material Abonnement?

Abandoned property is any personal property left, without provision for its reasonable care or supervision, by an owner who has relinquished all rights to it. (Personal property is defined as anything other than land that is subject to ownership.)

Property that was lost, or unintentionally left someplace does not automatically qualify as abandoned property. The trick is being able to tell whether it was left intentionally or not. That’s where state laws come into play.

Every state has laws governing the disposition of abandoned personal property. In some states, certain types of abandoned personal property, such as an abandoned vehicle, becomes the property of the state. There are also laws requiring abandoned financial instruments (e.g., bank accounts, uncashed checks, etc.) to be turned over to the state and can be claimed only by the rightful owner or the next-of-kin if the owner is deceased.

Our focus here, however, is on abandoned property that can be claimed by finders as their own and disposed of as they wish.

Claiming Abandoned Property

In general, if the owner of property suspected to have been abandoned is identified, the finder is legally obligated to try to contact that owner and return the property unless the owner confirms that it was intentionally abandoned. Let’s assume that this is not the case, and consider what can be done with property that truly has been abandoned.

Typically, when abandoned property is found, ownership transfers to the finder if the finder takes certain steps to claim it as their own. That could mean moving the abandoned property to a space belonging to the finder, such as a storage unit or the finder’s home. Or, if it’s not easily moved, simply putting a sign on it identifying it as the finder’s property will suffice.

Two Common Examples

Two common examples of abandoned property are:

• Leftover building materials abandoned by a construction company upon completion of a project, and
• Furnishings and personal belongings left behind by a tenant when vacating a rental property