Treasure Trove Laws
- Thread starter iturbe
- Start date
NoNeck
Full Member
Ummm There is no page 18.
Sure there is...
Texas declines to recognize treasure trove,46 but this difference is more a matter of
nomenclature than a real legal difference from the general rule. The same court that
held that treasure trove did not apply in Texas also held that mislaid property, if not
claimed for a long enough period, would cease to be mislaid and would be considered
lost.47 Thus, money that was hidden recently would go to the locus owner, to
hold as bailee for the true owner, but money that had been hidden a long time would
go to the finder. The result is the same as in the other states, it is just that instead of
finds of mislaid money being recognized as treasure trove if they have “the thought
of antiquity,” they are treated as lost instead. In both cases – whether it is called treasure
trove or whether it is called lost property – the money goes to the finder.
Two states have chosen a different rule, which gives the treasure trove to the locus
owner. These states are Tennessee 48 and Idaho.49 The rationale behind this different
rule is that otherwise trespassers would be rewarded. However, the same object
could be achieved by giving treasure trove to the finder, but ruling that the finder
loses if the finder is a trespasser. The problem of the trespassing finder will be discussed
further below.
There has been only one exception to the rule of United States courts refusing to
vest the right to treasure trove in the sovereign. This was a trial court in
Pennsylvania, which in 1948 ruled that the common law of treasure trove did not
vest the right to treasure trove in the finder, but in the sovereign, and awarded a find
of $92,800 in currency to the state.50 The Supreme Court of Pennsylvania, however,
reversed this decision and held that it was not yet determined as to whether the law
of treasure trove was part of the law of Pennsylvania.51
Michigan declines to adopt treasure trove into its common law, and instead handles
finds of money through its statutory scheme.52
Approximately half of the states have statutes prescribing the disposition of lost
property.53 Under these statutes, the finder must inform the police of the find and
18
46 See Schley v. Couch, 284 S.W.2d 333, 335 (Tex. 1955).
47 Cf. id. at 336 (holding that the length of time that an object is hidden will determine
whether it is mislaid or lost). This holding, which is implicit in the majority opinion, is
brought out into full clarity in the concurrence. See id. at 338 (Calvert, J., concurring).
48 See Morgan v. Wiser, 711 S.W.2d 220 (Tenn. Ct. App. 1985).
49 See Corliss v. Wenner, 34 P.3d 1100 (Idaho Ct. App. 2001).
50 See In re Escheat of $92,800, Note, Treasure Trove – History and Development, 22
Temple L. Q. 326, 339-31 (1948-49) (Pa. Ct. C.P. Phila. County 1948), vacated sub nom. In
re Rogers, 62 A.2d 900 (Pa. 1949).
51 In re Rogers, 62 A.2d 900, 903 (Pa. 1949) (stating “[w]e purposely refrain, therefore,
from considering whether the law of treasure trove is or ever has been a part of the law of
Pennsylvania”).
52 See Willsmore v. Township of Oceola, 308 N.W.2d 796, 800 (Mich. Ct. App. 1981).
53 See, eg., Alaska Stat. §12.36.045; Cal. Civ. Code §2080; N.Y. Pers. Prop. §254 (Consol.
1988); Wis. Stat. §§170.07-170.11.
j2digger
New Member
You wouldn't happen to have info on Oklahoma?
NoNeck
Full Member
I thought you meant page 18 on the Adobe Reader Pages there were 14 pages that I saw. Any how good info and thanks for sharing.
Just google your state and add Treasure Trove law
Treasure trove law in the United States may be summarized as follows:
(1) Treasure trove goes to the finder, unless the finder is trespassing. If the finder
is trespassing, it goes to the locus owner.
(2) Treasure trove includes gold coins, silver coins, gold bullion, silver bullion,
plus paper money; it must have “the thought of antiquity,” i.e. be several decades
old. Courts have not yet decided whether treasure trove includes coins of base metals.
(3) Many finds of money are now handled not through the common law of treasure
trove, but through statutory schemes, under which the money is deposited with
the police for between ninety days and a year, and if the owner does not claim it by
the end of that period, the money vests in the finder.
(4) Two states – Tennessee and Idaho – award treasure trove to the locus owner.
(5) Treasure trove is taxable at the ordinary income rate in the year that it is discovered.
(6) Employees get to keep what they find when acting in their course of employment,
unless their employer has a heightened legal obligation towards the customers,
in which case the property goes to the employer. Examples of employers with
heightened legal obligations are hospitals vis-à-vis their patients, common carriers
vis-à-vis their passengers, and hotels vis-à-vis their guests.
(7) Police officers, baggage inspectors, and members of the armed forces do not
get to keep what they find when on duty.
(8) Finds in banks go to the bank; finds on government land go to the government.
(9) Finds in Indian graves on Federal or Indian land go to the Indian tribe that is
most closely related to the decedent.
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A little OT:
My understanding is that a change included in the new Health care bill requires that any purchase larger than $600 by a business will require a 1099 to be filed. So any finds sold for that amount will be trackable by the IRS. It always seemed unfair to me that income generated by a hobby is fully taxable, and can't be offset by expense deductions. I have never sold any finds, so it doesn't affect me so far
If I am wrong about the above change, please let me know.
Rudy
Admin
A little OT:
My understanding is that a change included in the new Health care bill requires that any purchase larger than $600 by a business will require a 1099 to be filed. So any finds sold for that amount will be trackable by the IRS. It always seemed unfair to me that income generated by a hobby is fully taxable, and can't be offset by expense deductions. I have never sold any finds, so it doesn't affect me so far
Indeed the new health care law will require a 1099 form to be filled out by the buyer. However, the intent is not necessarily to ensure that the seller shows the amount in the 1099 as income. The purpose instead was to keep the merchant "honest" in computing his gain on the subsequent sale by having a more accurate, documented, cost of sale basis.
Congress has since realized that this creates excessive paper work hazzle for small businesses and is looking into modifying or rescinding this part of the health care reform law.
wolf-n-wa
Forum Supporter
Seams the deffinition of a treasiure trove is the catch. So remove a little at a time. WOLF
Myownwings
New Member
Yea, what a pain this law is gonna be. I mean, heck all of us are finding major caches almost everyday..it will be a nightmare. I'm just gonna go bury my '46 merc and the gov't can just come after me.
Sorry, just had to be a smart a** for some reason.
Sorry, just had to be a smart a** for some reason.
A little OT:
My understanding is that a change included in the new Health care bill requires that any purchase larger than $600 by a business will require a 1099 to be filed. So any finds sold for that amount will be trackable by the IRS. It always seemed unfair to me that income generated by a hobby is fully taxable, and can't be offset by expense deductions. I have never sold any finds, so it doesn't affect me so far
Where I sell my gold and silver (local) he told me they would have to report it if it was over a thousand dollars so when I go in I do it a little at a time... I don't get 90% but they way I figure it... its found money and anything I get is good enough for me
RickO
"In Memory of"
Call me a pirate or an outlaw, but any major cache I may come across will not be reported. I invest my time, my money on equipment, and effort in research. A find, if one ever comes, will be my reward for due diligence. And that is final. RickO
I have to agree^^^^^^^^^^
Dusty
Dusty
blackhole
Elite Member
TheCoilist
Elite Member
Whatcha found so far?? Don't hold out!
No, seriously though, I fully agree. IF I find something of value, I would definitely not disclose any information other than maybe an image online is as far as I might go.... No info, etc. would be given.
Drosera
Elite Member
By law you are supposed to report ALL income no matter the source. I doubt anyone actually does that but it is the law. So it isn't really like the new law changed anything. If it is such a big worry just don't cash everything in all at once. Do it in $500 lots or something like that.
