Which of the Following Is a Correct Statement Regarding Lost

question 76

Multiple Choice

Which of the following is a correct statement 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 true owner.
• C)In most states,the finder of lost property has no title to the lost good since the good must be turned over to the local police department for later sale if the true owner cannot be located.
• D)In all states,the finder of lost property has an obligation to put a notice in the local newspaper 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 proves that he or she spent at least one-third of the fair market value of the property in an attempt to locate the true owner.

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Definitions:

Entrepreneurs

Individuals who create, launch, and manage new businesses, often taking on considerable risk in the expectation of profit.

Bankruptcy

A legal process involving a person or business that is unable to repay outstanding debts, resulting in the distribution of assets to creditors.

Equity Financing

Exchanging ownership shares for outside investment monies.

Ownership Shares

Portions of equity in a company or financial assets which demonstrate an individual's or entity's part ownership.