‘Finders, keepers’ in California? Here’s when you can legally pocket lost money
Picture this: You’re walking down the street, and you suddenly see a $100 bill.
“Would you leave the money there or would you keep it to yourself?” Reddit user thriving_af asked in a November 2023 post on the social media site. “What would you do?
While it’s tempting to declare “finders, keepers,” the state of California has strict rules about when you’re allowed to keep lost cash — and when you have to hand that missing money over to the police.
Here’s what to know, according to legal experts and local governments:
Can I legally keep money I find on the street in California?
In most states, you’re allowed to keep cash you find on the street or another public place as long it’s below a certain amount.
In California, anything below $100 is fair game, according to legal website FindLaw.com.
However, you should make “reasonable efforts” to return the money to its owner, according to legal experts.
“Even though cash is not marked with the owner’s identity — like a check or savings bond — it’s a piece of property that originally belonged to someone other than the finder,” New Mexico attorney Lauren Baldwin wrote in a 20222 article on CriminalDefenseLawyer.com.
“Cash you find is not legally yours,” Baldwin wrote. “It’s still the owner’s money.”
What should I do if I discover lost cash? A missing wallet or purse?
If you find a $20 bill on the street, you might ask people nearby if they’ve dropped any cash, Baldwin said.
If you stumble upon a wallet or purse with money in it, she added, “You should check for ID or credit cards with identification information.”
Your next steps might involve searching for the owner’s phone number or address or contacting credit card companies to see if they can locate the wallet’s owner.
“If you find the wallet on a restaurant floor or other public place, you can bring it to the closest store in hopes that the wallet owner retraces their steps,” Baldwin said.
You can also call the non-emergency line for your local police department or sheriff’s office and “ask for assistance in determining what to do,” she said.
When do you have to hand over lost money to police?
Under California law, you’re required to turn over lost money or goods valued at $100 or more to a local law enforcement agency within a “reasonable time.”
You should be prepared to make an affadavit stating where you found the lost property and whether you know who it belongs to, California Civil Code says.
You’ll also have to confirm that you haven’t “secreted, withheld or disposed of any part of the property,” the code says.
If the property owner shows up within 90 days, “the police department or sheriff’s department shall restore the property to him” or her, according to California Civil Code.
Is keeping lost property a crime?
According to Southern California law firm Eiser Gorin LLP, it’s illegal to claim lost property without making a “reasonable attempt” to locate the person it belongs to.
“If you find some property and then make no attempt to find the real owner or inform law enforcement, but rather keep the property yourself, you could face .... criminal charges,” the law firm said on its website.
You could be charged with theft — specifically appropriation of lost property — under California law, according to Eiser Gorin LLP.
What is considered petty theft in California? Grand theft?
Pocketing $100 or more can be considered theft under California law, according to the Kann California Law Group, which is headquartered in Valencia.
According to the Southern California law firm, you can be found guilty of petty theft if you:
- Take someone’s else property — valued at $950 or less — without permission
- Intend on keeping it
- Keep it long enough for the owner to lose value or enjoyment
- Move the property
- Keep it for any time.
Taking someone else’s property valued more than $950 is considered grand theft, according to Shouse California Law Group, a Southern California law firm.
What are penalties for petty theft? Grand theft?
If you’re convicted of misdemeanor petty theft, you could face up to six months in county jail or probation and a$1,000 fine, according to Shouse California Law Group.
Maximum penalties for grand theft range from a year in jail and a fine up to $1,000 for a misdemeanor conviction or up to three years in state prison and a $10,000 fine for a felony conviction, the law firm said.
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