BUS255 - With abandoned property, it used to be considered...

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With abandoned property, it used to be considered finder's, keepers under the law, but with so much money at stake now, withe the huge finds of shipwrecked treasures, you're starting to see lawsuits by governments such as Spain that claim they are the owners. It used to be that if a lost item was insured and declared a total loss by the insurer and a claim paid, the item became the property of the insurance company, but action must be taken, an attempt must be made to reclaim the item. You can't just sit and wait, especially hundreds of years, and then penalize the one willing to risk their financial investment and even their lives. But the stakes are enormous, and when it gets that way, everything changes. I consider the plane lost, and with no attempt by the government to salvage it, abandoned, and the property of the party that does the work and makes the financial investment. I suspect, though, that this guy will ultimately lose the plane. He should get back every penny and then some. The federal government has recognized the need for special rules regarding its mislaid, lost or abandoned property. It has instituted The Naval Air System Command Fact Sheet of May 1987, which states that Navy aircraft belong to the Government of the United States until the Navy determines their disposition. This was enacted for several reasons. The first is the governments need to preserve national security. Consider this example, the U.S. military could not locate an un- detonated nuclear warhead, and thus abandoned the search. A private party then locates this warhead and puts it on the open market for sale. The U.S. government would consider this a case of national, and maybe world,
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This note was uploaded on 07/28/2010 for the course BUSA 3234902233 taught by Professor Dr.jean during the Spring '10 term at Acton School of Business.

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BUS255 - With abandoned property, it used to be considered...

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