Which of the Following Statements Is True Regarding Lost Property

question 69

Multiple Choice

Which of the following statements is true regarding lost property?

• A)In all states,the finder of property has an obligation to put a notice in the local paper looking for the true owner attempting to claim ownership.
• B)In most states,the finder of lost property has against all others except the person who lost the property,but that right only arises if the finder of the property can establish that she spent an amount of at least one-fifth of the fair market value of the property attempting to locate the owner.
• C)In most states,the finder of lost property has title against all others,including the person who lost the property.
• D)In most states,the finder of lost property has no title against others and must turn over the property to the police department for later sale if the true owner cannot be located.
• E)In most states,the finder of lost property has title against all others except the person who lost the property.

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Definitions:

Negotiable

Capable of being discussed or modified in order to reach an agreement, or in terms of financial instruments, able to be transferred or assigned from one party to another.

Identified Person

An individual who has been recognized or named in a specific context or for a particular purpose.

Negotiable

Characteristic of a document or instrument that allows its transferability and enforceability by someone other than the original party.

Proceeds

Under Article 9 of the Uniform Commercial Code, whatever is received when collateral is sold or otherwise disposed of.