Lost, mislaid, and abandoned property

Property can be considered lost, mislaid, or abandoned depending on the circumstances under which it is found by the next party who obtains its possession.

This means that in most cases, the possessor of a piece of property is its rightful owner without evidence to the contrary.

Because these classifications have developed under the common law of England, they turn on nuanced distinctions.

[6] For example, if the lost property is found by a tenant inside the walls of his leasehold, or by an employee embedded within the soil of an estate owned by his employer, the landowner (as employer or landlord) of the property where it was found usually has a superior claim of right over that of the finder.

The status of a stray domestic animal (for example, a feral cat or a free-ranging dog) is highly dependent on local jurisdictions.

In Harriet Beecher Stowe's 1852 novel Uncle Tom's Cabin, the issue of runaway slaves was a central theme.

These property and fugitive slave issues, along with other events related to slavery, would propel the U.S. into civil war.

In Australia, unclaimed money laws provide a one to two year reporting period each year whereby unclaimed bank accounts, superannuation, deceased estate inheritances, insurance, shares, dividends, utility deposits, unpresented cheques and other forms of "unclaimed money" are reported to the appropriate governing body under which the organisation holding the money falls under.

Property is generally deemed to have been mislaid or misplaced if it is found in a place where the true owner likely did intend to set it, but then simply forgot to pick it up again.

For example, a wallet found in a shop lying on a counter near a cash register will likely be deemed misplaced rather than lost.

[9][10] Property is generally deemed to have been abandoned if it is found in a place where the true owner likely intended to leave it, but is in such a condition that it is apparent that he or she has no intention of returning to claim it.

For example, under historic English law, one hundred Roman coins found buried in a pot would have been treasure trove whilst one hundred Roman coins which were lost over time in a marketplace would not have been treasure trove, as they were not deliberately hidden as a single hoard.

Under American common law, treasure trove belongs to the finder unless the original owner reclaims.

Under the traditional English common law, treasure trove belongs to the Crown, though the finder may be paid a reward.

The act specifically focuses on the problem of unclaimed money in bank accounts and corporate coffers, and the corresponding escheatment.

As of September 2020, only five states have enacted a version of a law inspired by the RUUPA: Tennessee, Kentucky, Utah, Colorado, and Vermont.