Gosh, here I was thinking that if one bought a house, everything remaining within that house became yours - legally. Seems this may not be so.

(Quote) The Canadian Press - Thursday, September 27, 2007

Florida man in legal fight with home's former owner over $100K found in attic

SANFORD, Fla. - Bernard Salcedo was looking for a bad wire in his attic after the power went out. He found $100,000 in cash. Now the money is in a police evidence vault while Salcedo and his home's former owner argue over who should get it. (Unquote)

Source and full article:
http://www.mytelus.com/ncp_news/article.en...ticleID=2763425

Have my fingers crossed that the Court awards the money to the present home owner!

Interesting Story,'Mara'.
No doubt a lot of home owners wil be checking their attics after this story. I have an opinion on this that other members probably wont agree with,and this is the way I think it should be handled.
When you buy a house, it comes with all faults if any,and that should also apply with anything extra discovered on your property as well.
If the previous owner can prove beyond doubt it's his money,then for being so stupid as to not remember till he finds out in the media,then they should split the find 50/50 even.If the previous owner can't prove ownership,then the present owner keeps the full amount.Finders keepers as they say.

The law here in OZ. You are required by law to surrender any substantial amounts of Money found,anywhere.
Otherwise you can be charged for stealing from persons unknown.
No claim made on the money in 90 Days,it's yours.
Don't know the law on this,in the US.

You know, I like to think I'm an honest person, but if I found all that money hidden in my house, I'm not so sure I would tell anyone, especially after reading that.

I mean, that money wasn't just in an unusual place, it was deliberatly hidden. For someone to "forget" that they put it there seems somewhat silly to me.

Agree 'John Who' I am honest also,and if by chance, I found this amount of money in my Attic,I would certainly weigh up situation very carefully,before making a final decision.
Wondering how much of this money will be consumed in this legal battle.
Many old people don't trust banks,and may have been an old Man who hid his life's savings.
He may have since died,who knows.

I too agree with honesty and admire Mr. Salcedo's. I am a bit suspect that Quinn had forgotten or failed to make some arrangement privately for two years before this happened. I also feel there is no way to prove Quinn's story. It could be made up. But there is not enough info in the article for me to say.

I believe for the most part the law would side with the homeowner (Salcedo) now. Most states and countries adhere to the Treasure Trove law and that is usually State dependant.

A treasure trove is commonly accepted to be an amount of gold, silver, jewelry, gemstones, artifacts and even money found either in the ground, under the sea or even in an attic or cellar perhaps.

Because now that it is public they both lose plenty. There will be legal fees and taxes. I'd quess 50% gone in taxes and about $10,000 in fees. So now at best a 50/50 split yeilds $20,000 apiece.
IRS publications 525
Found property. If you find and keep property that does not belong to you that has been lost or abandoned (treasure-trove), it is taxable to you at its fair market value in the first year it is your undisputed possession.

This post has been edited by boopme: Oct 1 2007, 02:49 PM

I like the law you referred to, Boopme. For surely, there is little difference between the previous homeowner making this claim or another previous homeowner returning a year later and demanding the diningroom lightfixture, etc.

Honestly don't know what I would do re cash found hidden away somewhere - perhaps research who owned home before me and see if it was an elderly person who 'stashed' things and may have died or simply been incapable of remembering he or she ever had it. If I couldn't trace any information, to be honest I'd be torn between giving it to the police or donating half to charity and keeping half. Oh dear, one of those moral hiccups we'd have to make a choice over.

If the found object was jewelry, etc, there'd be no question at all - I'd have to track down the previous own or his/her relatives as family heirlooms are just that - for family. Gentle smile.

Would this not depend on the legal contract when the house was sold?
Z

This specific point is not clear in my Contract.Suppose that's why there is Court cases re ownership of found goods on present owner's property.
Good Point 'Z'