Upon any such property so described in said notice not being claimed by the rightful owner thereof at or before the time specified in the notice for the sale of such property, it shall be deemed, as to the owner thereof, to be unclaimed property and all right, title and interest of the owner in the property shall then cease and terminate, and the Police Department shall, at the time set for its sale, surrender possession thereof to the finder of such property, other than a police officer, if there be such a finder thereof, upon his demand and his execution and delivery to the Police Department of a receipt therefor unless possession of such property by him is prohibited by law. (Ord. 1354 § 2 (part), 1964).