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Question 46 1 pts A ship loaded with gold and jewels sank off of the coast of Florida in 1650. A diving company finds
Question 46 1 pts A ship loaded with gold and jewels sank off of the coast of Florida in 1650. A diving company finds the sunken ship in 2022 and claims the gold and jewels. Who would win and why? It is lost property, so Ms. Swenson wins. O It is abandoned property, so the diving company wins. It is treasure trove, so the diving company wins. It is mislaid property, so the State of Florida wins.
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The correct answer is It is abandoned property so the diving company wins Explanation The key factors in determining ownership of the sunken ship and its contents are 1 The concept of abandoned property When property is abandoned the original owner relinquishes all rights and claims to it The property then becomes available for anyone to claim and possess Since the ship sank in 1650 the original owners have long since passed away and made no attempt to recover the ship for over 300 years This suggests the property was effectively abandoned 2 The concept of treasure trove Treasure trove refers to money or valuables that have been hidden or abandoned for so long that the original owner cannot be identified While the sunken ship may contain treasure trove the key factor ...
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Intermediate Accounting
Authors: kieso, weygandt and warfield.
14th Edition
9780470587232, 470587288, 470587237, 978-0470587287
