Sam finds $1,000 on his way home from school one day.In many states he will become the owner of the money even as to the true owner, if he makes a fruitless search for the owner pursuant to state statute.

Question

Quizplus · Accepted Answer

This concept is known as the "finders keepers" rule, and it is a common law principle that applies in many states. If someone finds abandoned property and takes possession of it without knowing who the true owner is, they may become the legal owner of that property if they make a good faith effort to locate the owner but are unsuccessful. However, the specific laws and requirements for this vary by state, so it's important to research the laws in your jurisdiction if you find something of value.

Sam Finds $1,000 on His Way Home from School One