The California Law falls under the Lost Property Law. Lost property is just that, Lost Property. If you find it, it belongs to whoever lost it, even if it’s on Private Property. Just like a pet or farm animal, as a matter of fact, pets and inert property fall under the same Law.
The State Law says that anything that’s valued at $100.00 or more will be turned into the local Police, or whatever authority has jurisdiction. If you find something under $100.00 you are supposed to call and report it to the Authorities. Some jurisdictions will give it back to the finder after set requirements are met to find the owner, like putting an add in the paper. And if the looser doesn’t claim the property in 90 days the item is returned to the finder.
But more and more the Authorities or Municipalities will keep the item and auctioning it off, and then keep the proceeds. The city of Emeryville in the Bay Area dose if like that.
I got on the Authorities and Law Enforcements last nerve, that’s because I kept calling them about the clad I had found .