"In Spanish Civil law where an asset has been destroyed, lost, or is no longer
capable of appropriation, it cannot be the object of ownership rights and the possession over
it also disappears and along with the possession goes the ownership. It cannot be recovered
with the means that existed at the time in history.
In the case of a vessel or its cargo that sinks on the high seas, it is a case of
destruction, loss and inappropriabilty; at least, up until recently, whilst there was no
possibility to reach it to recover it. Consequently, ownership as much over the still as yet
unidentified carrying vessel as over the cargo, disappeared and there are no rules in Spanish
law that allows for the subsequent restoration, or that the owner "maintains" that
ownership. It is a very different issue as set out earlier (point 7) where it contemplates the
exception in Spanish law of a vessel that sinks but can be immediately refloated, in relation
to which case the ownership is maintained unless it can be shown that there has been
express or implied abandonment. There is abandonment by virtue of the passage of time as
stipulated in the law [a maximum of 6 years for movable assets (Spanish Civil Code article
1962)].
Therefore the general basic principles of Spanish civil law lead us to conclude
that the cargo of the Black Swan was destroyed or lost. Destruction or loss means that the
asset ceased to be appropriable, by the standards at the time. In Spanish law, where an
asset has been destroyed or lost, ownership disappears. To this it should be added that
abandonment can be presumed in cases were no effort is made to recover the object lost. If
later (excluding temporary loss or not knowing where the object was lost or that it is
susceptible of recovery at a reasonable cost) the asset then "appears", on entering the world
of commerce, the appropriabilty and the possession, would operate to the legal concept of
"occupation" by virtue of which the party who enjoys the appropriation of the asset acquires
ownership over it. In short, Spanish law would recognize the right of a finder over
abandoned property such as the "Black Swan" treasure."
..... And in conclusion, it should be pointed out that as a matter of Spanish law
there is no similar doctrine to that of “escheats”, that is to say, there is no general principle
that establishes that assets that do not have an owner belong to the State. It may be seen
that even the Act of Mostrencos of 1835, derogated by the Civil Code, which by its name
regulated this very issue (“mostrenco” is an asset that lacks an owner or has been
abandoned) did not establish such a principle but rather specific situations in which the State
would be recognized as having an interest in the assets. The Civil Code and subsequent
specific legislation have followed the same reasoning to establish specific cases and to a good
measure exceptions instead of a general principle of property in the State. No such specific
legislation applies to the cargo of the Black Swan, so it has not escheated to the Spanish
state.
In short, we conclude that if issues of title or ownership to the Black Swan
treasure were adjudicated in a Spanish tribunal, applying Spanish law, the Kingdom of Spain
would have no colorable claim to ownership of the cargo, much less that which was owned
and shipped by private parties on board.
This analysis can be supplemented by reference to the legal texts,
jurisprudence and scholarly writings and can be clarified or amplified as required.