that's not exactly true. There are multiple ways to 'lose' something. "Lost" property is something you unintentionally part with. The finder has rights to that property unless the owner comes to claim it. There may be laws specifying a waiting period, or requiring that you post notice (somewhere - newspaper, CL, OhioRiders.net) for a given period of time before it becomes yours. "Mislaid" property is something you intentionally put in a given place, but then forget about. That belongs to the owner of the land (or vehicle in this case) where it was placed unless the true owner comes to claim it. The idea is that if I set down my iPod on Bill's fence while I'm out jogging, Bill owns that property until or unless I come looking for it. If Jane walks by and finds it, Bill is still the legal owner, because I know where to find Bill; but I don't know shit about Jane. "treasure trove" (seriously) is something you consciously hide, and then either forget about, or die before you can retrieve it. Courts are conflicted as to whether or not the finder has rights to it, or the owner of the land on which the property was found. It really depends on the circumstances. "abandoned" property is property that was intentionally placed, but in a manner that it's clear there was no intention of retrieving it. Like tossing an iPod in the trash. It's anyone's to take. This is a pretty simple case of the iPod being "lost." Unless his friend comes asking for it, it's his. that's the LEGAL explanation. the MORAL thing to do is to return it. Then again, the moral thing for your friend to do would have been to repay his debt.