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Standard XII
Accountancy
Introduction to Debentures
A person who ...
Question

A person who finds goods belonging to another and takes the into his custody ___________.

A
is subject to the same responsibilities as a bailee
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B
become the owner of those goods thereafter
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C
is allowed to sell them and retain the money released from such sale
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D
has no obligation to return those goods.
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Solution

The correct option is B is subject to the same responsibilities as a bailee
Finder of Lost Goods- the finder - of goods in a public or quasi public place is only a bailee ;he keeps the article in trust for the real owner. As against everyone else, the property in the goods vests in the finder on his taking possession of it.


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Q. A person who finds goods belonging to another and takes them into his custody is subject to the same responsibility as a ____.
Q. A person who finds goods belonging to another and takes them into his custody, is subject to the same responsibility as a ________.
Q. Principle : According to law, a person who find goods belonging to another and takes them into his custody, is subject to the same responsibility as a bailee. Bailee is a person or party to whom goods are delivered for a purpose, such as custody or repair, without transfer of ownership. The finder of the goods legally can sell the goods found by him under certain circumstances including the situation that the owner refuses to pay the lawful charges of the finder.
Facts : P, a college student, while coming out of a Cricket stadium found a necklace, studded with apparently precious diamonds. P kept it for two days thinking that the owner would notify it in a local newspaper. Since he did not notice any such notification, P published a small classified advertisement in a local newspaper. In two day's time, P was contracted by a film actor claiming that it was her Necklace and requested P to return it to her. P told her that she should compensate him for the advertisement charges then only he would return it other wise he will sell it and make good his expenses. The film star told P that she had advertised in a national newspaper about her lost. Necklace which was lost somewhere in the Cricket Stadium. The advertisement was published for three consecutive days incurring a large expenditure for her. Mentioning all this she refuses to pay P and claims the Necklace back. Which among the following is the most appropriate answer to this?
Q. LEGAL PRINCIPLE: According to law, a person who finds goods belonging to another and takes them into his custody, is subject to the same responsibility as a bailee. Bailee is a person or party to whom goods are delivered for a purpose, such as custody or repair, without transfer of ownership. The finder of the goods legally can sell the goods found by him under certain circumstances including the situation that the owner refuses to pay the lawful charges of the finder.
FACTUAL SITUATION: P, a college student , while coming out of a Cricket stadium found a necklace, studded with apparently precious diamonds. P kept it for two days thinking that the owner would notify it in a local newspaper. Since he did not notice any such advertisement in a local newspaper. In two days time, P was contracted by a film actor claiming that it was her Necklace and requested P to return it to her. P told her that she should compensate him for the advertisement charges then only he would return it otherwise he will sell. The film star told P that she had advertised in a national newspaper about her lost Necklace which was lost somewhere in the Cricket Stadium. The advertisement was published for three consecutive days incurring a large expenditure for her. Mentioning all this, she refuses to pay P and claims the Necklace back. Which among the following is the most appropriate answer to this?
Q. A _______ is a mercantile agent employed to sell goods which have been placed in his possession or contract to buy goods for his principal. He is the apparent owner of the goods in his custody and can sell them in his own name and receive payment for the goods.
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