Abandoned property is property that the rightful owner intended to discard, thus giving up possession of the property and relinquishing title. If another person (the "finder") comes across this abandoned property, acquires possession of the property, and intends to make this property his or her own, then that "finder" becomes the rightful owner of the object. Let’s use a hypothetical storyline to illustrate this concept.
Assume that Aaron takes his guitar to the dump. He is sick and tired of playing in the band, and he decides to get rid of his guitar for good, even though it is in perfect condition. Aaron throws this piece of property in the dump and walks away, never intending to come back for it. Bryan, as he walks by the dump on his way home, sees the gleaming guitar on top of the heap of waste, and walks over to it. Elated, he picks the guitar up, thinking how wonderful it would be to start a band, and takes it home with him, fully intending to make it his own. In this situation, the property in question (the guitar) was clearly abandoned because Aaron intended to give up possession of and title to the property. Additionally, the "finder" (Bryan) acquired possession and intended to acquire title to the property. In conclusion, in a war over who owns the property, Bryan prevails.
Next, we’ll discuss lost property.