Bill was shopping at the mall. As he was walking to Tonne's Department Store, his wallet fell out of his pants. While trying on a new suit, Bill left his leather jacket in the change room. Sue found Bill's wallet. Arnie, a sales associate, found his coat. What kind of found property is Bill's wallet? What kind of property is his jacket? What rights do Sue and Arnie have in the found property?
Lost property is something accidentally given up. The wallet is lost property. Usually the finder has the superior rights to all except the true owner. Mislaid property is something the owner has intentionally placed somewhere and then forgotten. The jacket is mislaid property. Generally the finder gets no rights in property that has simply been mislaid. If the true owner cannot be located, the mislaid item belongs to the owner of the premises where the item was found—in this situation, Tonne's Department Store.
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