Lost Property Law and Legal Definition

Lost property refers to a property that the owner has lost due to negligence, carelessness and inadvertence. When an owner of a property losses possession of a property unintentionally and involuntarily and if the owner has no knowledge about it then s/he is said to have lost the property and such property is lost property. The essential test of lost property is whether the owner parted with the possession of the property intentionally or involuntarily. To be a lost property the property must be lost unintentionally and involuntarily. Articles that are lost accidentally in the public place will fall under the category of lost property. At common law, the finder of a lost property can claim the right to possess the item against any person except the true owner or any previous possessors.