Q: I read about a ship that sank centuries ago, and was carrying a lot of coins and other artifacts that today are worth a whole lot of money. A salvage group searched for and found it. Can they now claim all the money?
H.P., Tarzana
A: Research tells me that in the situation you describe, the outcome of who gets what may be a bit complicated. The motto “finder’s keepers” is overly simplistic. Various laws, such as those that deal with art and maritime matters, as well as specific state laws and international laws, may come into play.
A mystery ship known as “the Black Swan,” for example, was found by a U.S. salvage company. This was off the coast of Portugal, and the ship was evidently carrying 17 tons of gold and silver coins. It is believed to be a Spanish galleon. The Spanish government claims ownership and has sued the salvage company, contending it never abandoned the shipwreck and should recover at least a major portion of the bounty.
Based thereon, one factor with regard to sunken treasure cases is who owned or claims to own the vessel (a government or private party). Other important factors include where the vessel is found and whether the treasure hunters have engaged in any dishonest conduct. Note that most countries claim anything that is within 12 miles of their coast. Law of the Sea Conventions may also allow the state or foreign country to determine what the treasure hunter is entitled to.
Bottom line, it appears that “finder’s keepers” as to sunken treasures is only applicable when it can be concluded that the prior owner abandoned the property.
Q: I found $1,400 in a brown paper bag. It was sitting on a bench at a park. No one was there. I sat for at least an hour and no one came to claim it. Am I now allowed to keep the money?
A.S., Venice
A: California law requires any found property valued at more than $100 be turned over to police. The authorities must wait 90 days, advertise the lost property for a week, and can…
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