Who reaps the rewards after finding sunken treasure? Ask the legal representative

Q: I read about a ship that sank centuries earlier, and was carrying a lot of coins and other artifacts that today deserve a lot of cash. A salvage group looked for and discovered it. Can they now claim all the money?

H.P., Tarzana

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A: Research informs me that in the situation you describe, the result of who gets what might be a bit complex. The slogan "finder's keepers" is excessively simplified. Various laws, such as those that deal with art and maritime matters, as well as specific state laws and global laws, might come into play.

A secret ship known as "the Black Swan," for example, was discovered by a U.S. salvage company. This was off the coast of Portugal, and the ship was seemingly carrying 17 lots of gold and silver coins. It is thought to be a Spanish galleon. The Spanish federal government claims ownership and has taken legal action against the salvage company, contending it never abandoned the shipwreck and should recuperate at least a major part of the bounty.

Based thereon, one aspect with regard to sunken treasure cases is who owned or claims to own the vessel (a government or personal party). Other essential factors consist of where the vessel is discovered and whether the treasure hunters have engaged in any unethical conduct. Note that a lot of nations claim anything that is within 12 miles of their coast. Law of the Sea Conventions might also permit 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 just appropriate when it can be concluded that the previous owner abandoned the home.

Q: I found $1,400 in a brown paper bag. It was resting on a bench at a park. Nobody was there. I sat for a minimum of an hour and nobody concerned declare it. Am I now allowed to keep the money?

A.S., Venice A: California law needs any discovered residential or commercial property valued at more than $100 be turned over to authorities. The authorities should wait 90 days, promote the lost residential or commercial property for a week, and can eventually launch it to the individual who discovered it so long as nobody has actually shown ownership.

Making genuine effort to find the owner, and provide the residential or commercial property back to them, is important. Specifically, California Penal Code Section 485 supplies that doing otherwise can arise to the level of a crime (i.e., theft): "One who finds lost home under circumstances which give him knowledge of or means of questions as to the real owner, and who appropriates such property to his own usage, or to using another individual not entitled thereto, without very first clearing up and simply efforts to find the owner and to bring back the property to him, is guilty of theft." Ron Sokol has been a practicing lawyer for over 40 years, and has actually likewise served many times as a judge pro tem, arbitrator, and arbitrator. It is very important to remember that this column provides a summary of the law, and is not to be dealt with or thought about legal recommendations, not to mention an alternative to actual consultation with a qualified expert.