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Terry v. A.D. Lock

Arkansas Supreme Court
275 S.W.3d 202 (2001)


Facts

While assisting with renovations of a hotel owned by A. D. Lock (defendant), Joe Terry and David Stocks (plaintiffs) found a cardboard box concealed inside the ceiling. The box contained old currency in varying denominations. Lock, who was present at the time of discovery, took the box to his office. Terry and Stocks reported the finding to the police. After it was determined that the money had a value of $38,310, Terry and Stocks sought an injunction prohibiting Lock from spending the money and directing payment of the money to Terry and Stocks. The trial court concluded that, because the money was apparently intentionally concealed in the ceiling, it constituted mislaid property to which Terry and Stocks had no right as the finders. Rather, Lock, as the owner of the premises on which it was found, was entitled to possession of the money. Terry and Stocks appealed.

Rule of Law

Issue

Holding and Reasoning (Thornton, J.)

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