A Lost / Stolen Coin of Yours Turns Up in Auction
dragon
Posts: 4,548 ✭✭
Hypothetical question:
Lets say about 4-5 years ago you sold a unique toned 1881-S dollar in NGC MS67 on Ebay. You shipped the coin via overnite insured to the buyer in Cairo, NY and the package somehow ended up in Cairo, Egypt and was subsequently deemed lost 3 weeks later. The carrier paid the full insurance claim and the buyer was refunded in full.
A couple months ago (4-5 years after the loss) you see this EXACT coin listed in a major auction and the coin is now in a PCGS MS67 holder. The coin has a unique toning pattern and is unmistakeable.
Would you contact either the auction house or the original carrier to inform them this particular coin was lost or stolen in transit several years ago, and an insurance claim was paid, or just forget about it?
dragon
Lets say about 4-5 years ago you sold a unique toned 1881-S dollar in NGC MS67 on Ebay. You shipped the coin via overnite insured to the buyer in Cairo, NY and the package somehow ended up in Cairo, Egypt and was subsequently deemed lost 3 weeks later. The carrier paid the full insurance claim and the buyer was refunded in full.
A couple months ago (4-5 years after the loss) you see this EXACT coin listed in a major auction and the coin is now in a PCGS MS67 holder. The coin has a unique toning pattern and is unmistakeable.
Would you contact either the auction house or the original carrier to inform them this particular coin was lost or stolen in transit several years ago, and an insurance claim was paid, or just forget about it?
dragon
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IMHO,
TBT
Jerry
Thus, if someone who has no notice that an item is stolen buys that item for fair market value, they do not acquire legal title. If the true owner can prove it is the same item then the innocent subsequent purchaser could lose that item.
The catch here is "proving" that it is the same item. Further, the only place to do this is in a Court of Law with it associated costs and expenses.
Likely not something most folks would deal with unless it was an item of high value.
I thought it was law that the owner was given that right and could buy it back for a deemed value, if not then the insurance company could do as they pleased with the property.
reason is, my brother built his first prerunner about 7 years ago and it was stolen when I was driving it. We got a decent payoff from the insurance company but if that truck every turned up, we would love to get it back if possible. I'm not sure how to even make sure that we could get notified if it ever was recovered, the police dept. and the insurance company is playing dumb and just saying they don't know and referring us to each other. Plus if I ever see the truck, I want to make sure that it's not someone that legally aquired it at auction or something. Either way I'm following and calling the police to come check it out, chances of that are slim since the truck is most likely deep in Mexico or oversea.
<< <i>When property is stolen, the victim does not lose title, only possession. Thus, no one thereafter can obtain title to that item. Even a bona fide purchaser for value still does not acquire legal title.
Thus, if someone who has no notice that an item is stolen buys that item for fair market value, they do not acquire legal title. If the true owner can prove it is the same item then the innocent subsequent purchaser could lose that item.
The catch here is "proving" that it is the same item. Further, the only place to do this is in a Court of Law with it associated costs and expenses.
Likely not something most folks would deal with unless it was an item of high value. >>
This is nonsense. What law school did you attend?
Ever hear of the statutes of limitations?
Of course you can gain clear title to stolen goods. The governmental units all across the country sell confiscated goods all the time that are stolen.
On top of that, any fungible items that are stolen belong to anyone aquiring them other than the thief or someone knowing they were stolen.
The money in your pocket may have been stolen from me at some time in the past. Ready to fork it over to me? PM me for my address.
Ray
I understand the statute of limitations. However, suppose that the coin is clearly identifable. It would not be fungible then would it? Who has the right to recovery in this case? The original seller or the insurrer?
Greg
Ray
David
K S
Nah. If insurance wants their products back, they can look for 'em. I am not their private investigator and my time is not free.
forgetaboutit
What if he could prove it was his?
Reminder:
The person from Maine who called our offices with the DuPont dollar had acquired it in a fair transaction, not knowing what it was for years. Does that mean then, based on what some of you have said, that the coin was rightfully his? His to consign, sell, or trade? No. That's why we facilitated the return.
Stolen goods are stolen goods, a stolen coin is a stolen coin. Now, if it could be proved then by all means it should be returned, based the precedent I stated above. Right?
Jenna
ANR
(edited for spelling)
Easier said than proved.
Jenna
ANR