1. Common law Rule:
1.1. Finder of lost property has greater rights to found property than the entire world, except the true owner
1.1.1. Extensions of the rule:
1.1.1.1. To aquisition the rights of another through conversion is Subrogation
1.1.1.1.1. Owner had a right to sue, and winning transferred the rights to defendant
1.1.1.1.2. Defendant now has rights aquired by subrogation can sue a party who also acted on the thing to the status quo ante
1.2. 3 factors to determine finder's rights
1.2.1. Intent of the original owner, reflected in the 4 types of found property
1.2.2. Who is in the competing claim?
1.2.3. the location of the item when found.
1.3. Modernly, states use statutes to determine the rights held by the finder
2. Finder
2.1. Person who 1. Takes control of lost property 2. Has the intent to maintain possession of the property
3. Status of the Item
3.1. Lost
3.1.1. Property that the original owner unintentionally or unknowingly dropped or lost
3.1.2. Belongs to the finder unless true owner is found
3.2. Mislaid
3.2.1. Property the true owner intentionally placed in a given location and left or intentionally left with the intent to return for later
3.2.2. Belongs to the locus in quo, the premises true owner or lessee unless true owner is located
3.3. Treasure Trove
3.3.1. Gold, silver or $ intentionally concealed or placed underground, w/ indications of long concealment (such that the true owner has died)
3.3.2. Belongs to the finder
3.4. Abandoned
3.4.1. Property the true owner intentionally or voluntarily relinquished w/ the intent to no longer own the object and w/o transferring rights to another
3.4.1.1. 2 elements
3.4.1.1.1. Intent to abandon
3.4.1.1.2. Act of abandonment
3.4.2. Belongs to the finder
4. Typical Finders Case
4.1. Finder v. Locus in Quo
4.1.1. Status of locus in quo
4.1.1.1. public v. private
4.1.2. Status of found item
4.1.2.1. embedded v. surface
4.1.2.2. Lost, Misplaced, Treasure Trove,, Abandoned
4.1.3. Status of Finder
4.1.3.1. Agent, employee or trespasser
5. Exceptions
5.1. Trespassor will lose to the land owner
5.2. Finder on premisis for a limited purpose must relinquish to the land owner
5.3. Employees acting for the benefit of the employer must relinquish to the employer
5.3.1. Some only require when found in a non-public place