Intent to steal (animus furandi).
The offender must have taken the property with the intent to steal it. Traditionally intent to steal is defined as the intent to deprive the owner of the possession of the property permanently. "Permanently" means indefinitely, that is, with no plan to return the property to the rightful owner. However, intent to steal includes other states of mind such as the intent to recklessly deprive the owner of the property permanently.
A person who takes property of another under the mistaken belief that the property belongs to him does not have the requisite intent to steal; nor does a person "intend to steal" property when he takes property intending to make temporary use of it and then return the property to the owner within a reasonable time. However, it is not a defense that the defendant did not know that the property belonged to the true owner, only that he knew that it did not belong to him.
Must have value.
Larceny protects the possession of goods – objects that have economic value. A good has economic value if it has a price; that is, the property can be sold in a market. Thus, if the property taken has no economic value, it is not subject to larceny statutes. Under contemporary larceny laws, it is normally sufficient to support a larceny charge if the item has any value to the owner, even if its market value would be negligible.
Under New York State law, written instruments, utility services, and items of unascertainable value have special rules, and for grand larceny in the fourth degree, a motor vehicle must have a value of $100 or greater. Otherwise, value is defined generally as:
the market value of the property at the time and place of the crime, or if such cannot be satisfactorily ascertained, the cost of replacement of the property within a reasonable time after the crime.
— N.Y. Penal Law § 155.20 (1).
Grand larceny.
Grand larceny is typically defined as larceny of a more significant amount of property. In the US, it is often defined as an amount valued at least $400. In New York, grand larceny refers to amounts of at least $1,000. Grand larceny is often classified as a felony with the concomitant possibility of a harsher sentence. In Virginia the threshold is only $5 if taken from a person, or $500 if not taken from the person. The same penalty applies for stealing checks as for cash or other valuables. Some states (such as North Carolina) use the term "felonious larceny" instead of grand larceny.
The classification of larceny as grand or petit larceny originated in an English statute passed in 1275. ("petit" is a French word for "small"). Both were felonies. However, the punishment for grand larceny was death while the punishment for petit larceny was forfeiture of property to the Crown and whipping. The classification was based on the value of the property taken. The offense was grand larceny if the value of the property taken was greater than twelve pence, approximately the value of a sheep in the thirteenth century.
Most jurisdictions have discarded the grand/petit terminology and use value to classify larcenies as felonies or misdemeanors. "Value" means the fair market value of the property at the time and place taken. Most jurisdictions also make certain larcenies felonies regardless of the value of the property taken. For example, North Carolina General Statutes Section 14 - 72 (b)(1) makes the crime of larceny a felony "without regard to value" if the larceny is (1) from the person (2) committed pursuant to certain types of breaking or entering (3) of any explosive or incendiary device or (4) of any firearm. The modern spelling is petit larceny for the misdemeanor level. Some states may also charge certain types of larceny as "robbery", "burglary", "theft", "shoplifting", "conversion", and other terms.
