Stolen-claim freeze

Definition

In Florida, a police hold on goods claimed stolen ends once the shop certifies its expiration in writing.

Why It Matters

Forfeiture by operation of law says title vests thirty days after maturity with no further notice necessary. There is a second route to title and it runs the other way. Goods under a police hold are frozen for up to ninety days unless a court extends it. In Florida the hold ends when its period runs out or the official rescinds it in writing. Title then vests in the shop on the tenth day after the official receives its certified letter saying the period expired, unless a court has extended the hold or a claim to the goods is in court. Ohio puts that writing on the police chief or sheriff instead, so who must speak varies by state. Held goods are stock the shop may not sell, may not write off and does not yet own, and a shop that has never sent the letter is carrying dead inventory at cost in the asset line the price is built on.