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Property Keyed to French
Columbus-America Disc. Grp. v. At. Mut. Ins. Co.
Facts
The Central America a sea vessel sank in 1857. The ship was carrying a large sum of gold that totaled into the millions of dollars. All of the property including the gold on the ship was insured and the policyholders were reimbursed. The insurance underwriters became the owners of the gold lost at sea who never sought out the gold from the wreck. Shortly thereafter, Columbus-America Discovery Group (Defendant) after searching the ocean discovered the wreckage and recovered the gold. The Defendant is not in any way affiliated with the insurance company. The insurance underwriters sought a claim in the gold however a federal district court determined the gold was abandoned and imposes the law of finds. Defendants appeals.
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