Is it legal to keep money you find on the street? This is what US laws say
Have you found a wallet or money lying on the street? Before you think about keeping it, this is what you should do first according to the law.
Finding money in a jacket or pants, as well as on the street, can feel like a great moment of good luck. However, while in the first case it is your money, in the second, it may belong to someone else.
In this second scenario, you might be wondering what you should do or whether you can keep the money. Could you face any charges for doing so? Before you think about keeping it, this is what you should do first according to the law.
What you should do if you find money on the street, according to the law
According to the legal information portal, HG.org, each state has specific laws that require the return of money or property if the owner can be identified.
If you find a wallet with cash and an ID, the decision is simple, since you cannot legally keep the money because the owner is recognizable.
If you only find money lying on the street, the first thing you should do is ask people nearby if anyone has lost money.
If the owner cannot be easily identified, most states require the person who found the money to contact local law enforcement and turn over the money to allow the owner a chance to claim it. If this does not happen, the opportunity to keep the money found arises.
The portal notes that if the rightful owner does not appear after a certain period of time, some states allow the person who found it to keep the money.
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What happens if I don't hand over money found on the street? Can I face punishment?
Failure to hand over the money could be considered theft. If you are required by law to hand over found money to the police and you fail to do so, or if you fail to make reasonable efforts to identify the owner, you could be charged.
However, this situation also has different perspectives, as the amount of money found can make a big difference. If it’s $20, you’ll most likely be able to pick it up without having to worry about facing arrest or any kind of criminal charges. However, if it’s thousands of dollars, the situation is very different.
As for the possible punishments for not turning over a wallet or money found on the street, it varies from state to state. In most states, penalties for stealing lost items are based on their value. The higher the amount, the harsher the penalty.
For example, according to Criminal Defense Lawyer, if you find more than $950 in California and keep the money “without using reasonable measures to find the owner,” you could be charged with felony theft. For amounts of $950 or less, the Golden State Penal Code carries a misdemeanor penalty.
We recommend that you check the theft laws in the state in which you reside for more information.