Abandoned Property Legal Meaning and Definition

Here is a simplified definition of the legal term Abandoned Property.

Abandoned Property (noun): Refers to items that appear to be relinquished by their owners, who show no intention of returning to claim them. This implicit surrender suggests the owner has given up legal rights to the property. According to common property law, anyone who first finds such an item may claim ownership. It's important to note that some types of abandoned property, like shipwrecks, may legally become the property of the state.