Which of the Following Is True Regarding Lost Property

question 14

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.

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Definitions:

Auditing

The process of examining and verifying a company's financial records to ensure accuracy and compliance with accounting standards and regulations.

Compliance

Compliance refers to the action of following rules, regulations, or orders, often used within legal, regulatory, or medical contexts.

Building Inspection

The examination of structures to ensure they comply with laws, regulations, and codes for health, safety, and structural integrity.

Occupying

Residing in or taking possession of a space or location.