When can I legally dispose of abandoned property?

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When can I legally dispose of abandoned property?

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RDGinc

posts: 51

Dec 12, 2006 5:15 PM ET Quote Report Abuse

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A question for those familiar with law. A while back I assumed the lease of a work space from a company going out of business. The former company owner abandoned a large piece of equipment that they were leasing through a finance company. I have made numerous calls to the finance company requesting they arrange to pick up their equipment but I get a different person each time and no one seems to bother following-up with me. How many months do I need to wait before I can legally dispose of their abandoned property?

Thanks in advance!

P.S. Don`t worry, I plan to call my lawyer just wondering how long you would wait this out.

RaiseCapital01

posts: 139

Dec 12, 2006 11:35 PM ET Quote Report Abuse

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I would consult your lawyer first, or call the former owner. If you dispose property, it would be considered as theft of property. If the finance company is not responding is because the owner may be still be making payments.

RDGinc

posts: 51

Dec 13, 2006 9:54 AM ET Quote Report Abuse

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Believe me, I`m 100% certain the former owner is not still making payments. I was hoping somebody would know of a statute but I guess this is something only my lawyer can answer.

Thank you for your response.

ElidS

posts: 471

Dec 13, 2006 11:47 AM ET Quote Report Abuse

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The answers to these questions may be of interest to you

Hope that helps

RDGinc

posts: 51

Dec 13, 2006 1:21 PM ET Quote Report Abuse

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The answers to these questions may be of interest to you

Hope that helps

Thanks!

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When can I legally dispose of abandoned property?

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