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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 reversion of property to the state because of the lack of anyone to inherit it. Want to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit the webmaster's page for free fun content. |
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The first step in compliance to escheat laws is to identify which among the 50 state (and District of Columbia and Virgin Islands) escheat laws apply. This daily reconciliation, combined with the ability of the treasury accounting staff to monitor all aspects of activity on the bank accounts they are assigned, allows for extremely effective transaction monitoring, cash management, and accountability REDUCING WORK LOADS ACH disbursements also helped the treasury meet its goal of reducing escheat workloads. Subjects range from debts, escheat, recital, devisee and more specialty terms but definitions are geared to consumers, investors and others both within and outside the industry, making it a perfect pick for both specialty college-level courses in real estate and the general-interest library. |
escheat |
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