According to Todd Stimmel writing in Business Credit, abandoned property is property of which the owner has intentionally given up possession under circumstances evincing intent to give up ownership. Abandonment means the owner intentionally placed the property out of his possession with the intent to relinquish ownership of it. A finder who takes possession with the intent to claim ownership acquires ownership rights to the property. The owner who abandoned the property has no further rights to it (Stimmel 39).
Lost property is property the possession of which has been parted with casually, involuntarily or unintentionally; or which has been mislaid, left or forgotten. The implication of lost property is that the owner unintentionally parted with the property. The finder has rights superior to anyone except the original owner, and has a duty to locate the true owner. The original owner retains ownership and has the right to the return of his property.
Misplaced or left property refers to those goods which have been intentionally placed somewhere and then unintentionally left or forgotten. According to Doreen Fitzpatrick writing in Fairfield County Business Journal, a person in possession of found personal property holds it for the owner and has rights superior to everyone except the owner. The original owner retains ownership and has the right to the return of the property. Common law is unambiguous concerning abandoned property, which is deemed to have been returned to the common mass and to belong to the one who first assumes possession (Fitzpatrick 12). Under the common law, the finder of lost articles was entitled to them as against the whole world except the rightful owner. Lost articles meant not only those which the owner had casually and involuntarily parted with the possession of, but also those which he had abandoned.
The U.S. Navy considers the TDB-1 lost during World War II to be lost. The finde