LOST PROPERTY. In point of law, the finder of lost property is entitled to keep it until the owner is found; but there are certain circumstances in which the keeping of it will be construed by a jury to amount to larceny. The rule which seems to be laid _down in recent cases in England which have been fully discussed, is, that if the finder find the property in such circumstances that he either knows the owner, or has ready means of discovering him, then the taking of the property with intent to keep it will be larceny. If, for example, a servant find a sovereign in her master's house, and keep it, that would be larceny. So it was held to be larceny where the prompter on the stage of a theater picked up a £50 note which had been dropped by one of the actors. On the other hand, if there be no reasonable probability of ever discovering the true owner, then there is no larceny. The all important point of time for the jury to inquire into is, when the finder picked up the article; for if, on examination, he did not then know who the owner was, nor had the means of ascertaining, he will not become guilty merely because he afterwards, on hearing of the owner, nevertheless keeps it. It has also been decided that the mere keeping of a lost article, in hopes of getting a reward for giving it up, and though the owner be known, does not amount to larceny.
There is also no obligation on the finder of lost property to incur expense in advertising for the owner; indeed, the owner would not be bound in England to repay such expense, though it might be different or doubtful in Scotland; and it is to be borne in mind that the real owner is not divested of his property by the loss, but can demand it from who soever is in possession of it. But there are some peculiarities on this subject as regards lost bills of exchange and notes, which, though originally lost, yet, if transferred without notice, become the property df the -transferee. Moreover, the loser of a bill or note payable to bearer cannot sue the party liable, at least without giving an indemnity.
There is an exception to the rule, that the finder of lost property is entitled to it, where the property consists of gold, silver, etc., hidden in the earth, in which case the treasure trove belong-s not to the finder, but to the crown; and the finder is bound to give notice thereof to the crown, under a penalty.