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How long do you have to posses someone else's property before it is yours?
Wiki User
∙ 14y ago
55-210.2:1. Property presumed abandoned; general rule.
All tangible and intangible property, including any income or increment thereon, less any lawful charges, that is held, issued or owing in the ordinary course of the holder's business and has remained unclaimed by the owner for more than five years after it became payable is presumed abandoned, except as otherwise provided by this chapter. Property is payable for the purpose of this chapter notwithstanding the owner's failure to make demand or to present any instrument or document required to receive payment.
(1984, c. 121; 1985, c. 294; 2000, cc. 733, 745.)
Wiki User
∙ 14y ago
Wiki User
∙ 9y agoIt never really legally becomes yours unless a Judge awards it to you. If you go through the necessary steps of trying to locate and returning the item to the rightful owner with no response, then it could be considered your.
Wiki User
∙ 14y agoIf the item was stolen, it does not matter how long you possess it, you will never own it legally. If you are buying the item on installment payments, you own it once the payments are all made, no matter how long that may be. If the item was given to you as a loan, you will never own it unless the owner agrees that you can keep it as your property.
Wiki User
∙ 12y agoThat depends on the law of your state.
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