Definition - What does Abandoned Property mean?
Property is said to be abandoned if the owner has relinquished all rights to it. After the property is declared abandoned, the owner of the property usually discloses the expectation concerning the privacy. Any person who finds the abandoned property may keep it.
Justipedia explains Abandoned Property
After the property is declared abandoned, the owner will have no intention to reclaim or use it. Abandoned property becomes the property of a person who finds it first; however, in some states there are laws associated with certain types of property that, when abandoned, become the property of the state.