The Lord of the Rings as Property Law:

Stewart v. Gustafson sets out four factors to further help determine if property has been abandoned:

1. Passage of Time: As the years go by, the likelihood of abandonment increases. In this case 3000 years passed, which is a not insignificant lapse of time.
2. Nature of Transaction: Certain transactions lend themselves more to assuming abandonment, having objects cut off your hand does not appear to be one of them.
3. Property Holder’s Conduct: Abandonment can be inferred if a property holder does not try to require possession a reasonable time after receiving notice. After finding that the Ring still existed, not only is Sauron trying to retake possession but he is described as “seeking it, seeking it, and all his thoughts [are] bent on it.”
4. Nature of the Thing: As the value of a chattel increases, the likelihood of inferring abandonment decreases. The extreme value of the Ring (it could be used to conquer all Middle Earth) cuts against an abandonment. The specific nature of the Ring also cuts against abandonment. Gandalf specifically states that “[the Ring’s] keeper never abandons it”.

It appears to be that the evidence points to no abandonment having occurred.

However, it seems likely that 3,000 years well exceeded the limitations period.

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