Found Property. A. D. Lock owned Lock Hospitality, Inc., which in turn owned the Best Western Motel

Question:

Found Property. A. D. Lock owned Lock Hospitality, Inc., which in turn owned the Best Western Motel in Conway, Arkansas. Joe Terry and David Stocks were preparing the motel for renovation. As they were removing the ceiling tiles in room 118, with Lock present in the room, they noticed a dusty cardboard box near the heating and air-supply vent where it had apparently been concealed. Terry climbed a ladder to reach the box, opened it, and handed it to Stocks. The box was fi lled with more than $38,000 in old currency. Lock took possession of the box and its contents. Terry and Stocks fi led a suit in an Arkansas state court against Lock and his corporation to obtain the currency. Should the cash be characterized as lost, mislaid, or abandoned property? To whom should the court award it?

Explain. [Terry v. Lock, 343 Ark. 452, 37 S.W.3d 202 (2001)]

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Business Law Today

ISBN: 9780324786521

9th Edition

Authors: Roger LeRoy Miller, Gaylord A Jentz

Question Posted: