Abandoned Property Definition and Legal Meaning

On this page, you'll find the legal definition and meaning of Abandoned Property, written in plain English, along with examples of how it is used.

What is Abandoned Property?

n. under common property law abandoned property is/are item(s) which are apparently given up by the owner(s) and he/she/they do not intend to return to claim it back. There is unwritten but apparent surrender of legal right over that property. Common law of property allows anyone who first finds the item to own it.Though some items (like wrecked ships) become state’s property.