1. The title to lost property which has been deposited with the police shall vest in the finder, or other person entitled to assert the rights of the finder as provided in section two hundred fifty-six of this chapter, when the property is delivered to him in accordance with section two hundred fifty-four of this chapter and shall vest in the buyer when the property is sold as provided in section two hundred fifty-three or two hundred fifty-four of this chapter.

Terms Used In N.Y. Personal Property Law 257

  • finder: as used in this article means the person who first takes possession of lost property. See N.Y. Personal Property Law 251
  • lost property: as used in this article includes lost or mislaid property. See N.Y. Personal Property Law 251
  • owner: as used in this article means any person entitled to possession of the lost property as against the finder and against any other person who has made a claim. See N.Y. Personal Property Law 251
  • property: as used in this article means money, instruments payable, drawn or issued to bearer or to cash, goods, chattels and tangible personal property other than (a) "instruments" as defined in subdivision two of this section, (b) animals, (c) wrecks governed by the provisions of the navigation law, (d) logs and other property governed by section three hundred twenty-three of the town law and (e) vehicles governed by the vehicle and traffic law. See N.Y. Personal Property Law 251

2. If the finder of lost property under the value of ten dollars has made reasonable effort to find the owner and restore it to him, and has been unable to do so, the title to such property shall vest in the finder at the end of one year after the finding.