escheat


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Escheat

Reversion of monies or securities to the state in which the securityholder was last known to reside, when no claim by the securityholder has been made after a certain period of time fixed by state law. This is known as the holding period or cut-off date.

Escheat

The acquisition of property by a state or government from the estate of a deceased person. An escheat occurs when the deceased person has no will, no relatives, and no survivors to whom the property would otherwise go. Because it is rare for a person to have no relatives at all, escheats are fairly unusual. The concept has its origins in feudalism, when the immediately superior feudal lord would inherit property that would otherwise be left without an owner. Different states have different laws governing escheats.

escheat

The right of the state to claim a deceased person's property when there are no individuals legally qualified to inherit it or to make a claim to it. This occurrence is fairly unusual even when the deceased leaves no will.

escheat

The reversion of property to the state because of the lack of anyone to inherit it.

References in periodicals archive ?
Rather, the inclusion of the LeBone petition within the broader documentation Cooper carried to London to press for land reform on Prince Edward Island suggests that Cooper and other Escheat leaders thought about property struggles in the colony as being between those who monopolized vast portions of the land base and those who actually lived on the land and needed it for their livelihood.
According to Larson, the first, and perhaps most critical, step in compliance with escheat laws is to identify which among the 50 state (and District of Columbia and Virgin Islands) escheat laws apply to a given business.
As that occurs, there is also the possibility that corporations will make escheat exemption a more important factor in selecting a state of incorporation.
If Delaware does not have authority to escheat the property, the Opinion expressed, it follows that ".
4) That case involved competing claims between those states for the right to escheat hundreds of millions of dollars of unclaimed dividends and interest held by brokerages and other financial intermediaries for beneficial owners with unknown addresses.
New Jersey is extended to noncorporate holders (such as LLCs and limited partnerships) it seems the better approach would award the secondary right to escheat to the state of the holder's organization--without regard to any concept of "domicile.
Dormant bank accounts, uncashed dividend checks, untendered shares and outstanding insurance drafts used to be the only property subject to the escheat laws.
The proposed standard, which would be effective for financial statement periods beginning after June 15, 1994, requires escheat property to be reported either in an expendable trust fund or in the fund to which the property ultimately will revert.
State unclaimed property laws typically require businesses to turn over, or escheat, to the state unclaimed property if certain conditions leading to a presumption of abandonment are satisfied.
Unclaimed Property Recovery & Reporting (UPRR), a leader in the unclaimed property market since 1996 specializing in shareholder location, asset delivery, escheat compliance, and risk management, announced today an insurance industry solution offered jointly with InfoAge, an information solutions company serving the insurance, securities and legal industries.
1550 (1993), that the right to escheat funds held by intermediary banks, brokers and depositories on behalf of beneficial owners who cannot be identified or located belongs to the state in which the intermediary is incorporated.
Incorporating APEARS[R] (which stands for Abandoned Property Escheat Assignment & Reporting System) into its processes will allow Keane to optimize the location of owners and beneficiaries and ensure that unclaimed assets are reported to the correct state jurisdiction in accordance with unclaimed property laws.