What is the legal difference between lost, misplaced or abandoned property?
Full Question:
What is the legal difference between lost, misplaced or abandoned property?
09/06/2007 |
Category: Abandoned Property |
State: Illinois |
#8479
Answer:
Abandoned personal property is that to which the owner has voluntarily relinquished all right, title, claim and possession, with the intention of terminating his ownership, but without vesting ownership in any other person, and without the intention of reclaiming any future rights therein, such as reclaiming future possession or resuming ownership, possession, or enjoyment of the property.
Lost or misplaced property lacks the voluntarly relinquishment aspect of abandonment, and the owner usually intends to reclaim rihgts to the property in the future once it is located.