Carsen Cooper B.S. Aviation Business Administration, ERAU ‘16 Benjamin v. Lindner Aviation, Inc. – A Look at Property Law Classification Carsen Cooper B.S. Aviation Business Administration, ERAU ‘16

Overview People involved (characters) Facts Issue Holding Reasoning

Characters State Central Bank Lindner

Facts Iowa State Central Bank takes possession of an aircraft when the owner defaulted on his loan in April 1992 Bank gives plane to Lindner Aviation to inspect, employee Heath Benjamin performs inspection State Central Bank

After removing wing panels, Benjamin finds stacks of 20 dollar bills tied with string and wrapped in aluminum foil (in total more than $18,000) Lindner Benjamin calls supervisor offers to split the money, supervisor reports money to Lindner Aviation owner Lindner contacts Iowa Department of Criminal Investigation, gives money to the local police department.

Upset, Benjamin files affidavit claiming that the money is his Iowa Code 644: “if a true owner does not claim the property within 12 months, the right to the property vests in the finder” State Central Bank and Lindner Aviation do the same State Central Bank Lindner After a year, no one steps forward to claim the money

Court held that Iowa Code chapter 644 only applies to lost property Lindner State Central Bank Benjamin filed a declaratory judgment action against Lindner and the Bank, case went to a district court Court held that Iowa Code chapter 644 only applies to lost property The bank was awarded 90% of the money, Benjamin received a 10% “finder’s fee”

Benjamin appealed to Iowa Supreme Court, claiming that Iowa Code dictated that all of the found money was his (even if the property was mislaid or abandoned) Lindner Aviation cross-appealed, saying it owned the premises where the abandoned property was found State Central Bank cross-appealed, saying finder’s fee does not apply to mislaid property Lindner State Central Bank

Issue Was the property mislaid, lost, abandoned, or a treasure trove? Does Benjamin have any rights to the found currency?

Holding The property was mislaid. No, Benjamin does not have any claim under common law or Iowa Code chapter 644 to the money.

Reasoning Abandoned property Lost property Mislaid property Owner has knowingly discarded because he no longer wants it Lost property Owner accidentally gives property up Mislaid property Something that the owner has intentionally placed somewhere and forgotten

Money was mislaid because: Lindner State Central Bank Money was mislaid because: Currency was tied with string, wrapped in aluminum foil Placed inside of a plane wing, screwed shut Not a treasure trove because the money had only been printed 33 years prior Iowa Supreme Court reversed the district court decision and gave all the money to State Central Bank

Summary Questions? People involved (characters) Facts Issue Holding Reasoning Questions?