I had this same situation almost. Someone dropped off a crank and cylinder for an lt250r at my local honda shop,to have the crank rebuilt and cylinder bored,and never came back to get it.
It had been 90 days and they said in kentucky they had the right to sell it to cover their costs after a certain period of time. So i ended up getting the parts dirt cheap.
There are several lawyers near me that either have free or 50 dollar consultations. If i were you i would talk to one so you know your in the exact paramaters of the law. They could tell you everything. If you dont document it,and they guy gets pissed he could report it stolen or something. Im willing to bet by law it belongs to you,but i bet theres a step you have to take to make it official.