A more thorough explanation:

Abandoned property refers to personal property that an owner intentionally gives up all rights to control. This means that the owner no longer wants the property and has left it behind.

For example, if someone leaves a piece of furniture on the side of the road with a sign that says "free," it is considered abandoned property. Anyone who finds it can claim it as their own.

However, it can be difficult to determine if property is truly abandoned or just lost or misplaced. In general, if the owner has made no effort to retrieve the property, it is considered abandoned.

There are also laws that apply to abandoned intellectual property, such as patents. If an inventor does not register their patent, they are giving up their rights to it and others can use it without consequences.

When someone finds abandoned property, they become a "finder" and have a duty to care for the property until it is claimed by the rightful owner. If the owner does not claim the property within a certain amount of time, the finder may be able to keep it.

One unique application of the abandoned property doctrine is in the law of shipwrecks. Under the Abandoned Shipwreck Act of 1987, sunken ships within three miles of the United States territorial limits belong to the United States. The state that is most appropriate is given control over the shipwreck.