The correct option is d. abandoned property.
The sofa is an abandoned property.
<h3>What is abandoned property?</h3>
A block of assets, a dormant accounts, or even an unutilized resource that has been handed to the state as a result of long-term neglect or inactivity is known as abandoned property.
Some key features of abandoned property are-
- Assets typically follow this path after between two and five years of inactivity.
- When assets or accounts are given over to the authorities for custodianship, they are referred to as abandoned property.
- States have escheatment sections that are responsible for the management & recovery of unclaimed property.
- Escheatment rules, which specify when a possession is regarded as legally deserted and how to reclaim such possessions, exist in every state.
- If there is any abandoned property in your name, you can find out if you can claim it by contacting your state or using free online resources.
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The complete question is -
While moving to a new apartment, Vance discards a sofa near the entrance to his old residence, with no intention of recovering it. The sofa is
a. lost property.
b. converted property.
c. mislaid property.
d. abandoned property.
