Smith and Roberson's Business Law 16th Edition by Richard Mann,Barry Roberts

Exercise 3

Jones and Wilson were on trial, separately, for larceny of a $10,000 bearer bond (payable to the holder of the bond, not a named individual) issued by Brown, Inc. The Commonwealth's evidence showed that the owner of the bond had dropped it accidentally in the street enclosed in an envelope bearing his name and address; that Jones found the envelope with the bond in it; that Jones could neither read nor write; that Jones presented the envelope and bond to Wilson, an educated man, and asked Wilson what he should do with it; that Wilson told Jones that the finder of lost property becomes the owner of it; that Wilson told Jones that the bond was worth $1,000 but that the money could only be collected at the issuer's home office; that Jones then handed the bond to Wilson, who redeemed it at the corporation's home office and received $10,000; and that Wilson gave Jones $1,000 of the proceeds. What rulings?