2.99 See Answer

Question: Paset, a renter of a safety deposit

Paset, a renter of a safety deposit box at Old Orchard Bank and Trust Company, found $6,325 in currency on the seat of a chair in an examination booth in the safety deposit vault. The chair was partially under a table. Paset notified officers of the bank and turned the money over to them. She was told by bank officials that they would try to locate the owner and that she could have the money if the owner was not located within one year. The bank wrote to everyone who had been in the safety deposit vault area on the day of, or on the day preceding, the discovery, stating that property had been found. The money remained unclaimed, and after a year Paset claimed the money under the state statute governing the disposition of lost and found property. The bank refused, claiming that the money was mislaid, not lost, and was therefore property of the bank. Was the money lost or mislaid, and will the court award the money to Paset? [Paset v. Old Orchard Bank, 378 N.E.2d 1264 (Illinois)]
Principle of Law:


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