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escheat
(redirected from escheatable)

    Also found in: Dictionary/thesaurus, Legal, Wikipedia, Hutchinson 0.06 sec.
Escheat
When property and/or an estate is transferred to the government because a person has died without a will or an heir to his or her estate.

Notes:
Transferred property can be claimed back by relatives if they have a worthwhile case.

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 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.
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The "contacts" test as applied in this field is not really any workable test at all--it is simply a phrase suggesting that this Court should examine the circumstances surrounding each particular item of escheatable property on its own peculiar facts and then try to make a difficult, often quite subjective, decision as to which State's claim to those pennies or dollars seems to be stronger than another's.
Exemptions in unclaimed property: Fact or fiction? by Jensen, Garth V. / The Tax Adviser
The ultimate costs for the states to audit business-to-business transactions and accurately calculate a company's liability and the costs for companies to defend such audits may likely exceed the amount of escheatable property.
Unclaimed property audits: George Orwell would be proud by Sweeney, Timothy J. / Tax Executive
As the result of a Suspicious Activity Report filed by Bankers Trust, the Federal Reserve conducted a targeted review of certain activities of the bank involving escheatable funds.
Statement by Richard A. Small, Assistant Director, Division of ... by Federal Reserve Bulletin
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