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Which of the Following Is True Regarding Lost Property

Question 60

Multiple Choice

Which of the following is true regarding lost property?

A) In most states the finder of lost property has title to the lost good against all including the person who lost the property.
B) In most states the finder of lost property has title to the lost good against all except the person who lost the property.
C) In most states the finder of lost property has no title to the lost good because the good is to be turned over to the police department for later sale if the true owner cannot be located.
D) In all states the finder of property has an obligation to put a notice in the local paper looking for the true owner before the finder of the property can claim ownership.
E) In most states the finder of lost property has title to the lost good against all except the person who lost the property, but that right only arises after the finder of the property can establish that the finder spent at least one-third of the fair market value of the property in locating the owner.

Correct Answer: