What are the obligations of finder of lost goods ? Explain briefly with reference to Indian Contract Act, 1872.

According to Section 71 of the Indian Contract Act, 1872 a person who finds goods belonging to another, and takes them into his custody, is subject to the same responsibility as a bailee. This means that he must take as much care of the goods as a man of ordinary prudence would take of his own goods of the same kind. So far as the real owner of the goods is concerned, the finder is only a bailee and must not appropriate the goods to his own use. If the owner is traced, he must return the goods to him. However, the finder is entitled to get the reward that may have been offered by the owner and also any expenses he may have incurred in protecting and preserving the property.