Abandoned property - is it mine now?

[CaptainSI]

I was an independent sales representative in North Carolina and surrounding states for a medical equipment manufacturer for more than 3 years. The company provided a demonstration unit for me to use. In January, 2005, the company ceased operations and I lost my source of income. At the time, they owed me more than $10,000 for sales already delivered, and delivery was pending on another order that would have paid me over $5,000. That unit was never delivered to the customer. I successfully sued the parent company in Georgia small claims court for the commissions owed on the sales that were delivered.

Months after their cessation of operation, they sold the product rights to a third party and the product reentered the market under the new owners. I asked, but was not given the opportunity to join the new group. At no time since the first company's closure has there been any attempt to recover the demonstration unit that is still in my possesion in NC. Inasmuch as neither the new company nor the old one has ever asserted ownership rights to the device or attempted to get it back, I would now like to assume ownership and sell it.

Do I have a claim to ownership after over two years' abandonment? If so, what steps should I take to make it legal?

Thanks.

 

[Michael Wechsler]

I am truly sorry to hear about your story and hope things are going well now. As much as I'd like to say "yes" I'm not sure that I can. To begin, we do know who the owner is, regardless of whether they "asserted" rights. It's their property that you are currently holding. Did you ever notify the new owners to notify them that you had this property and would consider it abandoned if they did not take efforts to secure the property within a reasonable period of time?

My general rule of thumb which is usually a good guide is the "do unto others" principle. If you think that your leaving a valuable object with a friend but forgetting to take it back is not abandonment (I'm sure you would agree) then neither is this with regard to your corporate ex-employer.

I was an independent sales representative in North Carolina and surrounding states for a medical equipment manufacturer for more than 3 years. The company provided a demonstration unit for me to use. In January, 2005, the company ceased operations and I lost my source of income. At the time, they owed me more than $10,000 for sales already delivered, and delivery was pending on another order that would have paid me over $5,000. That unit was never delivered to the customer. I successfully sued the parent company in Georgia small claims court for the commissions owed on the sales that were delivered.

Months after their cessation of operation, they sold the product rights to a third party and the product reentered the market under the new owners. I asked, but was not given the opportunity to join the new group. At no time since the first company's closure has there been any attempt to recover the demonstration unit that is still in my possesion in NC. Inasmuch as neither the new company nor the old one has ever asserted ownership rights to the device or attempted to get it back, I would now like to assume ownership and sell it.

Do I have a claim to ownership after over two years' abandonment? If so, what steps should I take to make it legal?

Thanks.