Benjamin v. Lindner Aviation, Inc.

Facts

In April 1992, State Central Bank became the owner of an airplane when it repossessed the plane from a prior owner who had defaulted on a loan. In August, the bank took the plane to Lindner Aviation for a routine annual inspection. Benjamin, who worked for Lindner Aviation, did the inspection. He removed panels from the underside of the wings. A couple of the screws on the left wing panel were so rusty that he had to use a drill. Inside the left wing he found two packets, about four inches high, wrapped in aluminum foil. Inside the foil was paper currency, tied in string and wrapped in handkerchiefs. It was mostly twenty-dollar bills with mint dates before the 1960s, mainly in the 1950s. The money smelled musty. In all, it was over $18,000. Benjamin took one packet to his jeep and told his supervisor, offering to divide the money. The supervisor told Lindner Aviation's owner, who insisted on calling the authorities. The money ended up with the Keokuk police. Benjamin then filed an affidavit with the county auditor claiming to be the finder under Iowa Code chapter 644. Lindner Aviation and the bank also claimed the money. Notices were published and posted. No one came forward within twelve months claiming to be the true owner.

Issues

1. Does Iowa's lost property statute, chapter 644, replace the common law classifications of found property, so that it governs every kind of found property?
2. Was there substantial evidence to support the trial court's finding that the money was mislaid, rather than lost, abandoned or treasure trove?
3. Is the premises where mislaid money was found the airplane, owned by the bank, or the hangar of Lindner Aviation where the plane was parked?
4. Is Benjamin entitled to a ten percent finder's fee under chapter 644 if the money was mislaid property?

Holding

Substantial evidence supported the finding that the money was mislaid, so chapter 644 did not apply. The bank, as owner of the airplane where the money was found, had the right to possession against all but the true owner. Benjamin was not entitled to a finder's fee.