Section: Construction as continuation of heretofore existing laws
4. a. A person may claim lost property only after making reasonable efforts to return the property to its owner.
b. If the owner of the lost property does not reclaim it within 120 days of the commencement of reasonable efforts to return it:
(1) The owner of the premises where the property was found may claim title to buried or hidden lost property or to lost property which a trespasser found;
(2) The finder of the property may claim title to lost property in other cases.
c. If the owner of the premises or finder does not claim the lost property, and an action is not pending to determine rights to the property:
(1) Marketable property shall be sold by the clerk of the municipality in which it is located and the proceeds, less costs of sale shall be transmitted to the administrator of the "Uniform Unclaimed Property Act (1981)" (R.S.46:30B-1 et seq.), for deposit in the Unclaimed Personal Property Trust Fund established pursuant to the provisions of R.S.46:30B-74;
(2) Non-marketable property may be treated as abandoned.
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