Lost & Found Property

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Lost & Found Property
2013-10-02 22:10:08
Lost found

Lost and found property terms and definitions
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  1. Mislaid
    Owner purposefully places something somewhere and forget to retrieve it.

    Example: X places wallet on store counter wit the intention of retrieving it while paying for items and walks away, leaving wallet on the counter.
  2. Lost
    Involuntarily leaving something somewhere.

    Example: Wallet falls out of pocket/purse, unknown to X.
  3. Bailment
    When X who owns a piece of property (bailor) and gives the property Y (bailee) for a specific purpose and with the intent of retrieving.

    Example: Restaurant coat check
  4. Possessory Interest
    The right to possess something.
  5. Conversion
    Applies to personal property.
  6. Replevin
    When a person whose possessory interest was violated asks the court to have the item returned.
  7. Trover
    When a person whose possessory interest was violated asks damages (money instead of return of the item).
  8. Ejectment
    Having a person physically removed by court order.
  9. Trespass
  10. Locus Owner
    A person who owns the property that an item is found.
  11. Bailee
    A person who finds something is by operation of law a bailee and is required to exercise reasonable care, and take reasonable steps to determine the true owner.
  12. Bailor
    A person who is given something to hold for safe keeping with the intent to return it.